Theses mortgages are designed for self-employed persons, about 14% of people in the UK are self-employed many earn big money but, come across a big stumbling block - standard mortgage lenders tend to be extremely suspicious of anyone who cannot prove their earning via pay slips. A self certification mortgage is a mortgage offered on the basis of you stating what your likely income will be, rather than providing documentary evidence. But you may have to ask an accountant to back up your statement. If you have more than two - and, in many cases, three years worth of accounts, then you should be able to apply for a standard mortgage. Self certification mortgages almost always require a higher deposit 10% minimum and more commonly 25%, you are also asked to pay a higher interest rate because statistics show most businesses fail within the first two years of trading. And if you are left with a debt from a failed business there is a possibility you could lose your home.
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Your home may be repossessed if you do not keep up repayments on your mortgage.