What Happens If I Have No Proof Of Income?
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- What Happens During The Mortgage Application Process?
- The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.
- How Do I Prove My Income?
- When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
- Unusual Properties
- What happens if I have an unusual property?
- Cashback Mortgages
- Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.
- Commercial Mortgages
- A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution. Commercial mortgages are specialized due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
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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