Mortgages for people with bad debt, poor credit and the self employed
Self-certified mortgages were designed for people who have difficulty in proving their income. This could be because they are self-employed and have not been trading for long enough to have produced accounts, they have more than one job, or they rely on bonuses for a large part of their total pay.
Self-certification mortgages generally have a higher interest rate. The reason for this is simply that you are deemed higher risk if you are self employed as your business might fail, and if you have a history of bad debt.
Don’t let anyone persuade you to say that your income is higher than it is to get a bigger loan. If you lie about your income, you could end up with a loan you can’t afford. You’ll also be committing a fraud and could get a criminal record.
The choice of bad debt and self certification mortgages is actually quite good. Many companies now specialise in these type of mortgages. Please go and use our mortgage comparison search to find out more.
