What Is Self Certification Mortgage?
July 28, 2007 – 3:38 amI once discussed with my friend who works in a bank on how I could apply for a mortgage should I buy a house. My friend says that although I may have savings, I do not have complete documentation on how my income in derived from and that is a big obstacle on getting a mortgage as banks would need to see my records which I am unable to provide. My friend says that I can’t even get a car loan.
So I was thinking that I am not the only person in this predicament since more and more people are earning money from various sources legally. I decided to check on the internet and came upon the term self certification mortgage.
To be honest, I have never heard of this term before, and I guess my friend hasn’t either! The website Mortgage250.co.uk says that self certification mortgages were introduced over ten years ago! Where have we been living all these while?
For people like me, a self cert mortgage seems to be the solution but I would first have to declare my income to a mortgage lender who will then run a credit check on my finances. After getting the all clear, I would then be able to apply for this certificate and then proceed to apply for a mortgage.
While I am still not able to afford my own home, at least I know that there is a way out of my predicament!
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