Those who have a keen interest in the future of self certified mortgages may have noticed that they are beginning to appear more and more frequently in the media. Self certified mortgages - which enable the borrower to certify their income without needing to supply standard income documentation - may be extremely popular with the self employed but they are also a cause for concern for the regulatory bodies.
While lenders usually need proof of income, sometimes people may have difficulty proving how much income they make. Perhaps they are self-employed or have not been trading long enough to produce any ...
Traditional mortgage loans may be out of reach for many people who will not qualify because of their employment situation. While the typical 40 hour work week, fixed paycheck job where you get paid twice each month is still widely available, there are a growing number of jobs that rely heavily on commissions or bonuses as part of the pay structure. Additionally, for people that own their own business or professionals who earn their income from freelance projects, a traditional mortgage can be difficult to qualify for.
If you are interested in applying for a self certified mortgage, then your lender ...
The market for self certification mortgages is expanding rapidly along with the rest of the non-conforming lending market. This is mainly due to a rise in the number of self-employed people in the workforce. It is estimated that around one quarter of the workforce is now self-employed and the number is growing.
Such individuals usually earn enough money to apply for a mortgage, however many do not possess the strict accounting records required to apply through a mainstream lender who will require full proof of income. This is either because they have little need for preparing such accounts or their accounts ...