If you're self employed, work freelance or on short term contracts, or you rely on bonuses, investments or shares to make up your income, a Self Certification mortgage could be what you need. If this is so, the following FAQs may help you.
- Is there an age restriction on a Giraffe Self Certification mortgage?
- Can I Self Certify if I'm a first time buyer?
- How much will Giraffe lend me?
- How much deposit will I need?
- What are the min and max size mortgage loans you will arrange?
- What fees should I expect to pay?
- Can I add the arrangement fee to my mortgage?
- Are legal fees included free?
- Can I make overpayments without being charged?
- Are there any parts of the UK where you don't lend?
Is there an age restriction on a Giraffe Self Certification mortgage?
Yes. You must be 21 or over to take one out.
Can I Self Certify if I'm a first time buyer?
Yes. If you're a first time buyer you can still take out any Self Certification mortgage.
How much will Giraffe lend me?
This depends entirely on your circumstances - on how much you earn, how much you want to borrow and whether or not you are borrowing alone or as a couple. As a rule, the maximum amount we'll lend you is 4.5 times your individual salary or 4 x joint salaries We will not lend an amount that is more than 75% of the value of the property you want to buy. For full details, please see our lending criteria.
How much deposit will I need?
As we only lend up to 75% of a purchase price, this means you need a minimum 25% deposit.
What are the minimum and maximum size mortgage loans you will arrange?
In general, whether you're purchasing a property or remortgaging, the least we will usually lend is £25,001 and the maximum is £500,000.
What fees should I expect to pay?
To cover our reasonable administrative costs we have to charge certain fees. These vary from product to product but may include some or all of the following. Please see individual product pages for specific details.
- Arrangement fee - Payable on most of our mortgages for setting it up. Paid on completion or can be added to the mortgage itself.
- Non refundable booking fee - Only charged on some mortgages and paid before you apply.
- Early repayment charge - If you repay all or part of your loan before the end of the early repayment charge period, we may charge you a penalty to cover any losses we might otherwise incur.
- Lending fee - We charge a lending fee of £195 for making a loan under a new mortgage. The fee is due on completion but you can defer payment until the mortgage is fully repaid. We will not charge interest on the fee in the meantime.
- Mortgage release fee - When you repay the whole of the loan you must pay us any mortgage release fee that we charge at the time of full repayment. If you have deferred payment of the lending fee you must also pay this.
- Part repayment administration fee - Payable in certain circumstances if you repay part of your loan early as a lump sum or make annual overpayments greater than 10% of your mortgage.
- CHAPS fee - A £30 fee when we electronically send you your mortgage money via the Clearing House Automated Payment System.
Please note, we may vary our admin fees during the course of your mortgage to reflect our costs.
Can I add the arrangement fee to my mortgage?
Yes. But in doing so you will be charged interest on it at the same rate as your mortgage loan.
Are legal fees included free?
Only on some mortgages and only if you use them to remortgage with us. This offer applies only to standard remortgages where our nominated solicitors, Legal Marketing Services (LMS), do the legal work. LMS act for us only - if you need any legal advice/work done, please instruct your own solicitor.
Can I make overpayments without being charged?
Yes. You can pay up to 10% of the mortgage balance each year without incurring any early repayment or administration charges. Subject to a minimum payment of £2,000, based on the outstanding balance as at the previous 31st March each year.
Are there any parts of the UK where you don't lend?
No. We lend in England, Scotland, Wales and Northern Ireland.