What is a self certification mortgage?

It might be beter to ask - what WAS a self certification mortgage, as all such mortgages have been withdrawn by the lenders.

 A differentiation must be made, however, between a person who has no way of proving an income at all, and who in fact may not have very much authentic income to prove any way, and a person who has income, perhaps, from several sources or can 'prove' income by way of bank statements or other means even although actual proof by way of payslips or accounts may not be available.

Income acceptable by lenders varies, but many will add  on to provable income from employment or self employment such as certain social security benefits and income from property investments. Income from previous employment pensions is treated as normal income, as are maintenance payments if these  are paid resulting from a court order.

If you think income is going to be a problem best if you have a chat with us before completing the enquiry form.

One important point.  There are just a couple of lenders who will accept applications on what is known as a 'fast track' basis if the amount borrowed is less than 75% of the value.  This process must not be confused with 'self certification'  Fast track means that normally the lender will not ask the applicant to actually produce evidence of income, but this does not mean a mortgage will be granted to anyone who couldn't prove income if called upon to do so.