Commercial self-certification mortgage guide

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Commercial self-certification mortgage guide

If you are one of the 14 per cent of people in the UK who are self-employed, you may have already faced problems gaining approval for a residential mortgage. It is true that self-certification, or non-status mortgages, have experienced.

Self-certification mortgages, or non-status mortgages, have experienced rapid growth in recent years. As working practices have moved away from a conventional 9 to 5 job, and monthly income may now come from several different sources, self-certified mortgages have occupy a growing niche in the market. For those people whose income is difficult to assess using standard underwriting criteria as employed by most lenders, a self-certification mortgage may be the best option possible.

When it comes to purchasing commercial property

A commercial self-certification mortgage could suit you if you are one of the following types of people looking to purchase commercial property:

• An employee who is only on a part time contract
• An employee who is on a short-term contract
• An employee who depends on bonus or commission for a significant proportion of their income
• Company directors who do not draw a salary
• People on low wages but who have other assets or incomes
• Contract workers
• Seasonal earners
• Dual or multiple income earners
• City workers who may receive high annual bonuses
• Freelance workers (journalists, graphic designers)

Interest rates on commercial self-certification mortgages

Typically, any self-certification mortgage will have a slightly higher interest rate to reflect the extra risk and costs to the lender. For most lenders, the minimum deposit required is 15 per cent, although some will go down to 10 per cent. Lower rates will be available to those borrowers who can put down a 25 per cent deposit of higher.

When it comes to commercial self-certification mortgages, the interest rate is likely to be slightly higher to reflect the extra risk and costs for the lender. Typically, lenders will require

Types of commercial self-certification mortgage

Self-certification mortgages are usually available on a variety of different products. These include: Variable Rates; Fixed Rates; Capped Rates; Discount Rates; LIBOR Rates; Tracker Rates etc.

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