Many self employed or commission based workers are unaware that self certification mortgages have been established for situations just like theirs to assist them in getting into a home loan. Many lenders will not work with someone who cannot adequately prove their income to verify their ability to potentially repay the mortgage as it is negotiated.

Anyone with a irregular income is eligible to receive a self cert mortgage and for many this is the best option since their income levels are hard to verify. The borrower is required to state their income on a mortgage application, and the mortgage broker has the option to ask for bank records or previous mortgage statements to get a feel for the borrowers true ability to repay the loan. Many question what will truly stop a borrower from lying about their income especially if the mortgage broker does not check bank statements on their account. There are laws in which those who lie on a mortgage application can face criminal charges even when the mortgage broker encourages such behavior. For those interest in a self certification mortgage they should approach a qualified lender and let them know they have a irregular income and would be interested in applying for just such a loan.

This entry was posted on Sunday, August 10th, 2008 at 8:07 pm and is filed under self certification mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.