Self Certification mortgages or self-employed mortgages as they are affectionately known, are suitable for unusual types of situations.

Nowadays with property prices escalating and getting out of the reach of thousands of people, most people are having to resort to applying for self certification mortgages. As the risk of default is slighly higher for the lender, the interest rate charged can be sometimes higher and hence the need to find the best and cheapest mortgage rates.

Do be aware that some self-certification mortgages are better than others, and, if cash flow is a problem, it's worth checking out those that offer payment holidays and the facility to pay more when you can. It is adviseable to see a mortgage broker, as they can explain any intricacies, but be sure it is a reputable firm and regulated by the Financial Services Authority.

A self-certification mortgage is a mortgage offered on the basis of you stating what your likely income will be, rather than providing documentary evidence. But you may have to ask an accountant to back up your statement. If you have more than two - and, in many cases, three years' worth of accounts, then you should be able to apply for a standard mortgage.

Whereas standard mortgages typically offer a 95% loan to value, self-certification mortgages almost always require a higher deposit; a loan-to value of 90% and, more commonly, 85% is usually offered.

As mortgage brokers, we can find the best and the cheapest mortgage interest rates in the Uk. So, if you are looking for a self-employed mortgage or you are an employee with insufficient income and want to borrow at higher income multiples, we can help. If you would like an online self certification mortgages quote or you would like to speak to a mortgage advisor, phone us on Tel. 01254 660101, our lines are open 9am - 9pm Monday to Thursday and 9am - 5pm Friday

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