What Happens If I Have No Proof Of Income?
Hot Topics
- What is a Mortgage in Principle?
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A Mortgage in Principle is a conditional offer made by a mortgage lender to verify that they will ‘in principle’ give you the mortgage loan you have discussed with them.
- What Are The Different Ways You Can Pay Off a Mortgage?
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Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
- What Happens If I Want To Move Home?
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Moving home is basically the same as moving into your first home, in mortgage terms. You are free to find yourself another mortgage with either your existing lender or another lender – and can shop around for the best deal on the market.
- What Happens If We Have A Joint Mortgage, But One Of Us Wants To Leave?
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This area of the law is an extremely complex one – and it all depends on who is the legal owner of the property. You can read about this matter further on http://england.shelter.org.uk/advice/advice-469.cfm
- What is a Fixed Rate Mortgage?
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A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income. However some lenders will allow you just to confirm in writing your occupation and income, saving you the expense of paying an accountant for a set of accounts to qualify the loan.
About 14% of the UK population are self-employed and because of this the market has got a lot more competitive. The interest rates will always be more than a standard mortgage however, but if you successfully meet your repayments for a few years then you should have sufficient credit history to switch to a better rate or another lender. Statistics show most businesses fail within the first two years of trading, and this is why self-certification mortgages are perceived as a high risk.
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