Pre credit crunch getting a mortgage without providing evidence of income was a common practice, however many lenders have now stopped this practice as it has been abused by a minority in getting loans they cannot afford. Typically reasons for self certifying would be for people in areas of work where income is not necessarily straightforward for example:
- Self- employed workers
- Contract workers
- Workers with multiple jobs
- Agency workers
- Workers who are on a basic salary plus commission.
Rather than requiring you to provide proof of your earnings, self certification buy to let mortgages work by allowing you to simply declare your income when applying for them. In the past this would make it a lot easier for those with a non-conventional employment status to get on to the property ladder.
If you are self employed or have a complex income situation and you are looking for a buy to let mortgage use our specialist service.