Self Certification Mortgages
If you are not in a position to do so or do not want to prove your income, then self-cert mortgages may be your answer. Self certification mortgages and remortgage are available from most lenders and at rates that closely match full status schemes.
Self-certification is an alternative way of declaring your income as you simply self declare what your income is and the lender will not insist on seeing audited accounts.
This is how self-certification mortgages should work, but there are still some lenders who will need you to prove your income in other ways, such as an accountant's certificate. This is a document supplied by your accountant to say that your income is sufficient to service the loan applied for. You may also be asked to produce your business bank statements for a set period so the lender can look at the gross income you have received. We will assess what is available to ensure the lender will not ask for what is not available.
Most lenders will supplement this information with credit searches. If you are a homeowner, you will be asked to supply your existing mortgage statements, and if you are renting the lender will ask for a reference from your landlord.
Self-certification has limits - most lenders will only allow you to prove your income in this way if you want to borrow less than 75% loan to value, so you will need to put down a substantial deposit. However, some lenders may allow you borrow up to 90% on a self-certification basis.