Smart thinking for over 21's who are self employed or who have irregular incomes
Long gone are the days of single careers and jobs for life. These days, increasing number of us are choosing to exercise greater control over our lives by setting up our own businesses, working freelance or on temporary, flexible contracts. The upside of this is obviously greater freedom. However, the irregular income this way of working often delivers can cause problems when seeking a mortgage.
Borrowers who can't produce certified accounts or evidence of regular monthly payslips can find traditional lenders somewhat wary. But this is where more switched on lenders such as Giraffe, can help with a Self Cert mortgage.
If you're self employed or if most of your income comes from commission, investments or bonuses (and as long as you're over 21 and have been employed for 6 months, or self employed for 12 months) we don't require independent confirmation from the income you certify to us that you earn.
Self Cert in a nutshell
It all boils down to trust and respect. We believe that, if you're astute enough to manage your own earnings, you'll be smart enough to honestly certify them. Hence us not asking for third party proof.
All we usually ask for is your name and a declaration of your annual income. In certain circumstances, you may have to show some evidence to support this (outside certified accounts or payslips, of course) so don't stretch the truth - remember, your home is at risk here. If you have a sensible business plan or a good past record of self employment you should have nothing to worry about.
Like some Self Certification lenders, because we don't independently confirm your income, we will require you to have a good credit history and you may have to pay a slightly higher borrowing rate to offset our increased risk. You will also need to put down a minimum 25% deposit (15% more than with a Standard mortgage).
Please consider all these factors carefully before you decide to apply for a Self Cert mortgage.
Using Self Cert to your best advantage
As explained above, in order to get the benefits of Self Certification, you may have to pay a slight premium. But, if you're smart, you can reduce the potential impact this will have on you - simply and legitimately.
You can do this as follows. Take out a Self Cert mortgage today. Then, after a few years (maybe when your special promotional rate ends) when you have more proof that your income level is established, look to switch to one of our more competitive Standard mortgages.
Applying made easy
If you've read and understood all the facts, and are convinced Self Certifying is the right thing for you to do, it's time to grab a Giraffe before it's gone.
Good news. As Giraffe is a direct mortgage provider you can get everything you need to complete your application here online - from a Key Facts Illustration quote to a full application, Simply log into our secure application system.
Or you can speak to one of our mortgage specialists who will be able to talk you through the next steps. Just call 0845 603 9273*.