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Self-certification mortgages

Self-certification mortgages allowed borrowers to 'self-declare' or 'self-certify' their annual earnings.

Originally, self-certification (or self-cert) mortgages were purely for the self-employed and those who ran small businesses - but could not provide the traditional evidence of three years' income.

However, self-certification mortgages are no longer readily available. The credit crunch has caused lenders to become reluctant to take the additional risk of a loan with no proof of income.

In the USA, many loans were advanced based on false income figures and these 'liar loans' helped precipitate the credit crunch.

And in the UK, the Financial Services Authority (FSA) has proposed that all borrowers must prove their income which has put an end to self-certification mortgages.

Self-employed borrowers now need to submit at least two years worth of accounts as proof of earnings and some lenders will insist on three years.

 
 
Lender Initial Rate Duration Standard Rate Overall Cost For Comparison Max Loan To Value Fee
2.59% 2 years 5.69% 5.4% APR 75% £999
2.69% 2 years 4.99% 4.9% APR 75% £495
2.94% 2 Years 5.69% 5.4% APR 75% £199
2.99% 2 years 4.99% 4.9% APR 85% £495
2.99% 3 years 4.99% 4.6% APR 70% £499
3.0% 2 years 5.69% 5.5% APR 80% £999
3.19% 5 Years 4.79% 4.2% APR 80% £995
3.35% To Jul 2014 4.95% 4.6% APR 75% £999
3.5% 2 years 5.49% 5.1% APR 75% £595
3.84% 2 years 3.94% 4% APR 90% £499

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