What is a Self-Cert Remortgage?

A self certification remortgage is also referred to as a ‘self cert’ or ‘non-status’ remortgage. It has been designed for the increasing number of self employed applicants who may find difficulty providing evidence of their income. For those self employed applicants who can prove their income by way of audited accounts amongst other things, they will usually require a status remortgage. In general, a self certification remortgage will be subject to a lower maximum loan to value limit than that of a status remortgage. This reflects the lenders perception that self certification remortgage applications represent a higher lending risk than that of their status counterparts. A self certification remortgage is also made available to employed individuals who may have different sources of income. In recent times, many more lenders have taken a more realistic view when assessing the affordability of an applicant. They have recognised that in today’s society many people receive income from a variety of sources which would not be taken into account by traditional assessment methods.

Is a Self-Cert Remortgage Right For Me?

A self certification is for the benefit of those applicants who genuinely receive a certain level of income but are unable to prove this, in general these people are one of UK's 3.3 million self employed. Self-cert remortgages take into account fluctuations in income from self employment allowing the borrower to 'Self Declare' their earnings without the need for audited accounts. However it is not only the self employed who can benefit from this type of mortgage. Employed customers who have variable monthly income may not meet traditional lending criteria and can take advantage of a 'Self Cert' mortgage. Self certification remortgages are not for falsely inflating income. Our Mortgage advisors will ensure that they act in your best interests in order to help find you the most suitable self certification remortgage. Not only must an applicant satisfy the lender’s affordability criteria, they must also be confident in themselves that the level of borrowing and the subsequent monthly repayments are going to be affordable.

I have Bad Credit, Can I Get a Self-Cert Remortgage?

Yes, you can! But finding the right mortgage advisor is important. Not all lenders have the same loan products or loan criterias which makes finding a great self cert remortgage deal daunting. At Lendgo, we keep track of the top 1,000 self cert remortgage advisors and can match you with an advisor according to your circumstance.

Self-Cert Remortgages Require Specialized Mortgage Advisors

There are dozens of mortgage lenders offering thousands of mortgage products. Even so, if you are one of the UK's 3.3 million self employed, you may still have a problem finding a suitable mortgage on the high street. Mainstream banks and building societies are often the first port of call for many of us when we are looking for a mortgage. However traditional underwriting criteria are often influenced by their preference for clients who can prove their employed income via payslips, or if self employed by means of 3 years accounts.

There are a sizeable number of workers either self employed or currently working on a short term contract. Whilst they are financially sound it is often difficult for these borrowers to prove a level of income to satisfy a mortgage lender. A handful of mortgage lenders have recognised this and look to welcome customers in these situations. These are the specialist lenders who understand the needs of the self employed borrower and continually look to improve the terms and features of their mortgage products to meet the needs of this growing market.

For example, whilst many mainstream lenders will ask for up to three years audited accounts from a Chartered or certified accountant before considering a mortgage for the self employed, the specialist lender will be far more accommodating. Specialist lenders look to provide innovative solutions to individuals, appreciating that different working pattern require a more flexible approach.