Bank managers are probably the most risk-averse individuals you are likely to meet without proof of a regular salary and sound financial track record you may presume a frosty reception when you ask about borrowing. However, there are options available for people who dont conform to the norm.
If you are self-employed or have an erratic income, you can consider a self-certified mortgage. As the overall mortgage market has become more flexible and competitive in the past few years, the amount of lenders offering self-cert mortgages has increased. Whereas they used to be the preserve of specialist lenders, and come with pretty strict terms and conditions, you can now find self-certs from most of the major high street banks and building societies.
The set up
Normally, lenders will look for a larger deposit when you take out a self cert mortgage 25% is usual. As far as proving your earnings, some lenders such as the banks and building societies, will look for certified accounts for the last 3 years. They may also require bank statements and carry out credit checks. However, there are some mortgages available where the lender only asks for you to verify that you...
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