Remortgaging With No Proof Of Income: Is It A Possibility?
Currently, approximately three and a half million people in the UK are self-employed and it is predicted that that figure is set to rise over the next decade.
While many of these enterprises are successful, it can often be problematic for the self-employed to buy a home, as mortgage companies can be mistrustful of anyone who is unable to provide evidence of their earnings through standard means, such as pay-slips.
People in this situation often turn to self-certification or self-cert mortgages, in which they are asked to state their probable annual income, rather than providing documentary proof of the required information. As well as working for the self-employed, this system provides an alternative for those whose income is commission-based or perhaps works within a specialised field where their income rate can fluctuate.
For anyone, a mortgage is likely to be the biggest, single financial commitment theyll ever have to consider; be it self-certified or standard. However, those turning to self-certification (or non-standard mortgages) are likely to find they pay more than for a standard...
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