Best Buy Mortgages Glossary - Self-Certification
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Self-Certification
Some 15% of the working population now count as self-employed.
The traditional route for the self-employed to get a mortgage
was to present three years of trading accounts. However, in many
cases this can be difficult. Even if these accounts are
available, they would be likely to be written in such as way as
to minimise tax and thus show a smaller income figure.
Self-certification requires that you state what your likely
income will be, rather than providing documentary evidence.
However, even without providing accounts you may be asked to
have an accountant back up your statement.
Although standard mortgages are typically offered on a 95% loan
to value basis, self-certification mortgages almost always
require a higher deposit: a loan-to value of 90% and, more
commonly, 75% is usual. The good news is that because you are
putting up a substantial deposit, your word will be taken rather
than having a lender scrutinize your financial life in detail.
See Also: Self
Certification Mortgages,
Self Certification
Mortgage Rates and
Self Certification Mortgage Quotes
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