Self certified mortgages were a useful option for many borrowers looking to acquire a mortgage and who have modern working practices. This kind of mortgage required that you provide the lender with details of your earnings, but you do not need proof of income.
Many forms of income are hard to measure under conventional mortgage assessment methods, such as:
- Jobs for which bonuses form a substantial part of the income.
- Contract-based work.
- Multiple incomes from several jobs or contracts.
- Commission-based income.
Self certified mortgages allowed for people with these forms of finance to still acquire mortgages, but they also came with a risk that the borrower would be less certain to repay the loan than someone with a steady income. Therefore, they came under the spotlight of the Financial Services Authority as being a potential risk to both lenders and borrowers.
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