What is a self-certification mortgage?
These mortgages are ideal for self employed people who perhaps have not been in business for the required 3 years or cannot produce accounts for a 3 year period but can demonstrate usually through an Accountant’s reference that they can service the mortgage payments. These loans usually require a bigger deposit of around 15% of the purchase value or if it’s a re-mortgage this usually cannot exceed 85% loan to value (LTV). Interest rates are usually higher but from time to time there are some good deals around.
