What Happens If I Have No Proof Of Income?
Hot Topics
- What Is Conveyancing?
- Conveyancing is the name of the legal process of transferring ownership from the seller to the buyer.
- How Is Interest Calculated On a Mortgage?
- Interest is charged in different ways depending on what kind of mortgage you have.
- Where Can I Buy a Mortgage?
- Many, but not all financial services companies offer mortgages. If you are looking for a mortgage the traditional approach is to speak to you bank or a building society. However, you are most likely to find the cheapest deals by speaking to a Mortgage Broker.
- What Are Flexible Mortgages?
- Generally, people rebroke their mortgage deal once every five or six years. They also may change their mortgage lender at the end of a discounted or fixed period. Chances are in that in the time between their last remortgage, the mortgage market will have changed a great deal.
- What is Adverse Credit?
- If a borrower has a history of poor credit usage then this is described as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.
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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