Self Certification Mortgages
A self certified mortgage is not subject to the normal qualification criteria and may not require you to provide accounts, payslips or other proof of income. If you are certain that you can pay a mortgage, but have difficulty proving it in the usual way, self certification may be the preferable option for you.
With self-certification, lenders can advance loans based on a certain income, even if the self-employed person only provides recent bank statements as proof of that income.
Who is a self certified mortgage suitable for?
Employment trends have changed considerably in recent years. Ireland is at the forefront of entrepreneurial activity within the EU, with growing numbers of the population self employed, freelance or working on a contract basis.
Self certified mortgages are ideal for applicants whose income is either irregular or not easily verifiable. If you are self employed, a company director, contract worker or freelancer it is likely that it may be hard to prove your income. Alternatively, you may be unable to provide three years trading accounts, which is required by some high street lenders. As a consequence it may be difficult to secure a mortgage facility.
Self Certification Mortgages are tailored for customers who may have difficulty in securing a mortgage from a mainstream lender, such as:
- If you have arrears (due to illness, unemployment, separation, etc.)
- If you have judgements,
- If you are self- employed having difficulty providing accounts,
- If you are employed but with irregular income
