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Self Certification Mortgages
If you are self-employed and you have more than two or three years worth of accounts you should be able to apply for a standard mortgage. However, if you don't and you want to buy a home you might have difficulty obtaining a mortgage if you cannot prove your earnings via pay slips or accounts.
A self certification mortgage is a mortgage offered on the basis of what you have declared as an income , rather than providing documentary evidence. Where as standard mortgages typically offer a 100% loan to value, self-certification mortgages almost always require a higher deposit, a loan-to value of up to 75% is currently being offered. Self certification mortgages may also be suitable for high commission earners or people with more than one income.
What Can Model Mortgages Offer?
We can offer 75% loan to value self certification mortgages for self employed.
Latest Mortgage Offer
5.49% 2 year fixed. No extended tie in. Maximum loan to value 65%, arrangement fee 2.5% which can be added to the loan. Redemption penalties apply for first 2 years. APR 6.00%
80% loan to value sub prime self certification mortgage 8.75% discount tracker for 2 years with no extended tie in. Arrangement fee 25 can be added. Penalties apply first 2 years APR 10.40%.
» Apply now
James needed to capital raise £600,000 by re-mortgaging his home which was valued at £1,000,000. Unfortunately because of the way his accounts were set up he could not prove his income. He approached a mortgage broker advertising in the National Press and was offered a deal. However the interest rate was quite high and the broker was going to charge a hefty fee.
He contacted Model Mortgages and spoke to a higher lending specialist. He didn't need to produce any proof of earnings, any accountancy reports or bank statements and had an offer of a mortgage within 10 working days. He was amazed to find there was no valuation fee, no legal fees and he wasn't charged a penny by Model Mortgages for arranging the loan. The whole thing was fee free. On top of that he had a choice of some fantastic rates of interest with no extended tie in.
The service was brilliant from start to finish and I have no hesitancy in recommending my business friends and colleagues to Model Mortgages.
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