What is a Self-Certified (Self-Cert) Mortgage?
With most types of mortgages, a lender will want to see hard evidence of proof of an income, from which they will use a multiplier to calculate how much they are willing to lend. This multiplier changes slightly between lenders and depending on whether it is one person taking out the mortgage or a couple. The lender will also want to see evidence that the income is a regular income. If you have just started a job or are in seasonal employment, then this will not serve the purposes of the lender and are likely to struggle in all cases. But self employed people might also struggle to prove their full income. The lender will normally only take into account the annual salary and maybe some of the remaining incomes. As a self employed trader or the director of a Ltd company, payslips might not exist or might not represent the full true income. For example, a director of their own company might only take a small wage for tax purposes and then the remainder of their drawings as a dividend. Th
