www.loans-4-uk.co.uk however offers mortgages without the proof of income. These mortgages are known as self certified mortgages. Self certified mortgages are especially beneficial for the self employed people. Being self employed they do not have a salary slips. Besides, in their bid to save on the tax by reducing the profits, these people make the accounts a bad proof of income.
A self certified mortgage requires the borrower to himself certify the income that he is able to earn. The absence of the proof of income combined with a volatility in the finances makes them a bad credit case. They are generally charged at a higher rate of interest.
By making the proof of income redundant, we are immensely helpful to the self employed people. Self certified mortgages will be helpful to the following classes of people:
- existing owners of homes
- people who are unable to furnish three years' accounts
- where commission forms a major part of the earnings
- people who have been refused credit p
- eople who have poor credit ratings
Since self certified mortgages put a certain degree of risk, the interest rate charged will be somewhat higher than the regular mortgages. This will however not be as high as that charged by the other lenders on self certified mortgages. Borrowers are free to compare the interest rate using our mortgage calculators. Mortgage calculators also help in deriving the monthly repayments on self certified mortgages.
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