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Self cert mortgages are available to everyone, but in particular are useful for those who cannot prove their income or do not qualify for standard mortgages. You are not required to provide documentary evidence of your mortgage, but it is important that the information that you supply is as accurate as possible. Customers can be divided into three categories which helps determine the circumstances when self certification may well be the right option. Self-employed applicants who may not be in possession of an adequate history of audited accounts and/or taking much of their income as dividends.

Contractors who may be on their first contract with no history of renewal, or may be contracting in an industry/profession outside of their previous experience and employed applicants may rely on bonuses or commission; have investment income, including buy-to-let properties; and they may have other income sources, such as maintenance payments.

If you have determined that self cert mortgages are the best choice for you, how do you avoid getting in over your head? The first step is to be brutally honest when reporting your income. Do not use numbers that are overly optimistic; if anything, choose numbers that are conservatively pessimistic. Never count on something that has not happened yet. If your bonus normally increases 2% each year, there is no reason to expect it to increase 10% this year.

If you have concerns about relying on a certain level of projected income, and then falling short, discuss it with your lender. Too many people attempting to secure self cert mortgages mistakenly believe they must bluff their lender by misstating the facts, and this is not true. In fact, the lender is your ally. They want to lend you money because in the end that is how they make their money. They simply do not want to foreclose on you. If there is a reason for concern, they want to know. They have more experience with loans than you do, so discuss your concerns with them and take their feedback into consideration.