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Today's Self Certification Mortgage Providers...     Introduction to self certification mortgages uk  - If you are self employed, obtaining the appropriate buy to let mortgage and level of financing required can cause a headache.   Income levels may be not be consistent.   So typically, mortgage lenders are nervous of people who cannot prove their earnings via pay slips (from a traditional PAYE employer position).   During the mortgage application process, the lender wants re-assurance you can repay the mortgage.... A mortgage that is self certified is a mortgage offered on the basis purely of you declaring what your likely income will be in the future.  Sometimes the lender will ask your accountant to provide some documentary accounts evidence to support the claim, sometimes will not ask for this information. It is probable that lenders will charge you more (in terms of an interest rate) as a measure of potential increased risk.  In addition the average deposit tends to be higher. Calculate How Much Money Can You Borrow � in order to calculate how much you can borrow, mortgage lenders look at your deposit size and how much you earn. The smaller your deposit, the more your mortgage lender may charge you (supposedly for extra risk). Income Multiples - lenders use simple a income multiple formulae; the general market calculation for single applicants is three times your annual income (excluding sales commissions). For joint applicants, it is generally three and a half times joint incomes. Recently, some lenders have ignored these traditional income multiples (to win new business); resulting in criticism that this casual attitude towards lending is driving up spiraling mortgage debt levels and hence house prices. To achieve higher multiples, it can pay to use a good mortgage broker who knows the underwriter of the mortgage lender. Personal relationships definitely help in this situation where your mortgage application may be deemed borderline risky by the lender. Loan to Value - how much money you can borrow is also dependant on the mortgage products on the market; Lenders will dictate in their product range how much of the total value of the property they are prepared to lend you � this is known as the Loan to value (LTV). This is the % of the property value the lender is prepared to lend you; the balance being made up of your deposit from cash. Lenders may go up to 95% (5% represents your deposit sum) or even 100% lending very occasionally on residential mortgages � for buy-to-let mortgages, the average is 80%.       back to top