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| Self Cert Mortgages |
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| Self certification mortgages,
also known as "non status" or "self cert" mortgages,
have shot to popularity in Northern Ireland thanks largely to changing
work practices in the last couple of decades that have left a large
number of people on short term or part time contracts, or dependent
on bonuses for a sizeable portion of their income. |
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| Self certification mortgages are for people
whose income is difficult to assess using the standard methods adopted
by most conventional mortgage lenders. They allow you to "self
declare" your earnings. |
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| Self certification is the process by which
the amount that a customer borrows is based on what they claim is
their income as stated in a signed declaration in the application
form, but where they don't have to prove it on the basis of their
accounts. |
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| Whilst a mainstream lender will ask for up
to three years audited accounts from a Chartered or Certified Accountant
before considering a mortgage for the self employed, the specialist
lender will be far more accommodating. Specialist lenders look to
provide innovative solutions to individuals, appreciating that different
working patterns require a more flexible approach. |
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Think
carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your
mortgage. |
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| Copyright © RT Financial 2006-08. All rights reserved. |
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