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5 Things You Never Knew About a Self Cert Secured Homeowner Loan

Do you find it hard to prove your income?

Lenders rules on proving income for loans and mortgages are tougher than ever. Payslips, accounts and references are all common requests these days.

For many people, proving their earnings can be tough and that’s why self cert secured homeowner loans were developed. Our guide gives you five great reasons to consider a selfcert secured loan.

1. Self-cert loans use bonuses and commissions

Many people, including sales people and project workers, work on a bonus or commission basis.

However, bonuses or commission can be variable and is often dependent on personal performance. That means that many lenders are reluctant to take this income into account when agreeing a loan, even if you can prove that your bonuses have been regular and consistent.

That’s where a self certification loan can help you. You self certify your total earnings including any commissions or bonuses and that is the figure the lender will use to assess your borrowing potential.

2. Self cert secured homeowner loans are great if you are self-employed

If you are self employed it can be difficult to prove your earnings to a mainstream mortgage lender. You may not have three years accounts, you may not have been trading for sufficient time or your accounts don’t fully reflect the money you earn from your business.

A self certification loan is based on the income figure you certify. You can therefore include all your self-employed earnings and you won’t be required to product formal company accounts.

3. Self cert secured homeowner loans are quick to arrange

Trying to arrange a mortgage or loan can be a difficult process. When a lender needs proof of your earnings it can take weeks for your application to be agreed.

If you are employed, many lenders will require payslips, proof of any additional earnings and even a reference from your employer before they will agree your loan application. And, if you are self-employed, the process can take even longer. Lenders often need formal accounts (which can take weeks to prepare) or they need a detailed reference from your accountant.

Self-cert loans remove the need for proof of earnings. It therefore means that they are typically quicker to arrange as you don’t have to go through a laborious, time-consuming underwriting process. You simple provide a certificated income amount to the lender.

4. Contracts are acceptable

In the 21st century, increasing numbers of people are working on a freelance or contract basis. Many lenders have problems agreeing loans for you if you are a contract worker as they do not regard your income as stable. They are also wary of what might happen once your current contract ends.

However, many Brits work successfully on a series of medium to long term contracts. That is where selfcert loans can be ideal. You simply provide a certified income figure on your application based on your contract work.

5. You can use a self cert secured homeowner loan for almost any purpose

Self cert secured loans can be used for practically any purpose. Whether you want to buy a new car, go on a dream holiday, pay for a wedding or simply consolidate existing debts, a self cert homeowner loan can be the ideal answer.

They are perfect if you:

  • Are self employed
  • Earn large bonuses or commissions
  • Have adverse credit history
  • Work on a contract basis

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

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