What Happens If I Have No Proof Of Income?
Hot Topics
- How Does A Joint Mortgage Work?
- When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
- Will I Have To Pay An Arrangement Fee And How Much Will It Be?
- The Arrangement Fee is also known as an Administration or Application fee and it’s designed to cover your lender's administrative costs for setting up the mortgage.
- Interest Rates Explained
- APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
- What Are Capped Rate Mortgages?
- A capped rate mortgage puts a limit on maximum interest payable on your mortgage over a predetermined period. If the mortgage rate is BELOW the cap the borrow will enjoy the lower interest rate available.
- Right To Buy Mortgage
- What is ‘Right to Buy’?
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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