Self Certification Mortgages
Minimum / Maximum Loan:
£25,001 / £500,000
Loan Tiers:
75% maximum or product maximum if different
Residency:
Must have resided in the UK for past 3 years
Term:
To normal retirement age. Minimum: 10 years (shorter terms considered by exception where we are satisfied that ability to pay exists)
Employment Status / Minimum Income:
Self Employed - for at least one year. Employed - more than 6 months continuous employment (not necessarily the same employer). £10,000 sole applicants, £15,000 joint applicants
Overpayments:
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
This does not apply to flexible products
Age:
21 (First time buyers accepted)
Income Multiples:
4.5 x main income plus 1 x second allowable income or 4 x joint income if greater
Available for:
Purchase, including first time buyers. Remortgage, including capital raising (not for speculative purposes - new business startups, expansions or to consolidate business debts)
Property:
We accept ex Local Authority houses. We do not accept ex Local Authority flats where the value is less than £90,000, shared equity, vendor's deposit schemes, right to buys, studio flats or properties in mixed user buildings. Flats in blocks of more than ten storeys are restricted to a maximum of 75% Loan to Value (LTV). Flats in converted blocks and speculatively converted ex Local Authority blocks not accepted
Higher Lending Charge:
Please note that Higher Lending Charges do not apply to Self Certification Mortgages
Free Legals for Remortgagers:
If your product is described as ‘No legal fees (for remortgagers only)’ we will pay the fees for remortgages only via our nominated solicitors. Terms and conditions apply, see our General Lending Criteria.