"Excellent, helpful service throughout."
Miss P., Skellingthorpe, Lincolnshire
Income Self Certification is a means of demonstrating your earnings to a Mortgage Lender upon application for mortgage funding, in situations and instances where it may not be possible to precisely determine and/or prove your income through traditional methods, and is done by way of an estimation of your income and other means of proof.
Below we take a look at Income Self-Certification, and when its appropriate to obtain mortgage funding by way of income self-certification. We also take a look at other factors that should be taken into consideration and how we can help with self-certification of income when it comes to mortgage funding even if you have a poor credit history.
Table of Contents:
So, what is income self-certification exactly? Well, income self-certification is a means of demonstrating your income to a Mortgage Lender by way of an estimation and other means of proof in situations where it isn't always possible to determine and prove your precise income.
In recent years, Lenders have recognised that there are instances where traditional income multipliers are inappropriate for certain categories of borrowers, and below we take a look at when income self-certification may be an appropriate avenue for these types of borrowers.
These include the self-employed where income is likely to fluctuate and may not be reflective of current trends of remuneration.
This may be because the borrower:
Similarly, certain classes of employed borrowers may be in receipt of irregular or non-conventional payments, and although these borrowers are able to adequately meet their contractual mortgage payments, the application of multipliers could preclude them from funding.
Lenders may consider self-certification of income in instances where the employed borrower:
Other circumstances where income self-certification can be effectively used includes instances where:
However, it must be stressed that self-certification of income is not a means to achieve mortgage funding because the process of income verification is not undertaken. Neither is income self-certification a vehicle to enable a borrower's income to be exaggerated to achieve a lender's income criteria. The misrepresentation of income by deliberate exaggeration is a criminal offence and may result in an action for fraud.
A mortgage is probably the largest financial transaction that we'll ever enter into, so it's absolutely crucial that we get it right from the outset. It's important that you make sure:
Yes! We have an extensive variety of lenders and mortgage products in our panels that have been specifically designed to consider income self-certification. We'll also carefully assess your circumstances with you to ensure we can recommend the best course of action.
In most cases, yes! Remember our qualified mortgage advisors are available to discuss the options open to you.
We can usually come up with a solution - even in the trickiest circumstances including:
Hopefully that has thrown some light on Income Self-Certification for you. So if you feel we can help and would like to discuss your requirements, naturally without obligation, then why not Contact Us? You'll find our service to be friendly, helpful and professional without being judgemental, and without the air of stuffiness that you might bump into elsewhere! Our mortgage advisors are available everyday (including weekends) on Freephone 08000 282 281 up until 10.00pm (alternatively why not enquire online at any time), and we'll be delighted to provide you with a rapid in-principle decision. So get in touch now, we think you'll be glad you did! Afterall, you've nothing to lose, and everything to gain.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
