How to get a self cert mortgage

A self-certified, or "self cert," mortgage is a type of UK mortgage for which the borrower is not required to provide proof of her income. Intended for the self-employed or freelance worker, in 2010 these mortgages have become very difficult to obtain. This is due to the global financial crisis and general tightening of loan conditions. The Financial Services Authority (FSA) as of July 2010 was considering a ban on self-certified mortgages, as it is believed it is too easy for people to inflate their incomes to get a larger mortgage, which they may then have trouble servicing.

• 1

  Assess whether you need a self-certification mortgage. Have you been self-employed or working as a contractor for less than three years? Would you have difficulty providing three years worth of accounts proving your income? If so, you may require a "self cert" mortgage. But be warned and act quickly, as these have become very difficult to obtain and may be banned.

• 2

  Select a specialised mortgage broker. In 2010, mortgage conditions remain tight. You will not be able to get a mortgage through a high street bank without proof of income. A good broker with experience in self-certified mortgages will help you explore all the options. Remember, mortgage brokers have access to thousands of deals not available on the open market. Make sure you get one approved by the Financial Services Authority.

• 3

  Go to an online mortgage comparison website specialising in self-certification mortgages to obtain free quotes and hunt for the best available deal. You could try remortgage-me.co.uk or selfcertmortgageuk.co.uk.