Every person looking to take up a mortgage is primarily faced with a money crunch. Obviously, you would be faced with a problem of how to get a mortgage when you don’t even have any proof of income. This is a typical scenario for a self employed person who can’t prove his/her ability to pay the mortgage off to the lending agency. In such cases, self employed people can opt for a self-cert mortgage which is designed to help self employed people climb the property ladder.

Benefits of using a self-cert mortgage can be many, especially, when you’re not in a position to show any proof of your income. In case you’re self employed, you would not be able to generate an appropriate statement of income to give to your lender. So this is not a sign to be depressed; instead, it’s a sign to be prudent in your approach and check out the various options you have in terms of self-cert loans which promise to give you an edge over the other traditional methods of mortgage lending.

A quick peek at the benefits:

Ideal for all those who can’t show a formal proof of income to the lenders.
Such types of mortgage options are available to first time buyers as well as people who want to remortgage their property.
The best part is that all your sources of income can be taken into consideration, making it the perfect solution to all your borrowing woes.
Last but not the least, there is less of financial burden and even lesser amount of paperwork, which makes the whole process an easy to carry out process.

While the benefits may be making the concept of self-cert loans a very feasible option, in the recent few years, lenders have started to shy away from this option. Unfortunately, due to the excessive chances of fraud, lenders as well as borrowers are moving away from this route of mortgage, making it a less favorable option in the market.