The self-certification mortgage is rarely provided for mortgages worth more than 75% of the value of the property, as the lender wants to limit their risks. Therefore, you will need to have savings put away so you can pay that deposit. Some lenders may lend up to 90% of the property on a self-certification loan, but this is rare.
Self-certification is where you declare your income and the lender shouldn't have to look at your account. However, it's not quite that simple. Your lender may also need you to prove your income by providing an accountant's certificate, which is a signed document saying that your income will service the requested loan. You shouldn't be surprised if you need to show bank statements over a period defined by the lender so that they can look at your gross income. Should you not be able to get a self-certification loan from a mainstream lender, you will have to go to a sub-prime lender. You'll get a mortgage, but it'll be more expensive. N.B. Your home may be repossessed if you do not keep up repayments on your mortgage. For more information, please contact
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