Are Self-Cert Mortgages Still Available

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Are Self-Cert Mortgages Still Available?

What are self-certified mortgages?

A self-cert mortgage was a mortgage product that allowed people to access mortgages without having to prove their income. It was a popular option amongst those who were looking for Self-Employed mortgages as it meant they did not need to provide proof of income. 

They were typically more costly than traditional mortgages as they would charge higher interest rates due to the risk involved in lending without seeing your income. It led to an unstable mortgage market with a lot of unaffordable mortgages and eventually they were not authorised and regulated by the Financial Conduct Authority (FCA) and thus were banned in 2009. 

Why are they no longer available?

Self-cert mortgages are no longer available as the FCA deemed them impractical and a new policy of an affordability check was introduced. It led to a number of expensive and unrealistic mortgages appearing on the mortgage market and led to a lot of borrowers not making the repayments on their mortgage and their homes would be repossessed. This gave self-certification mortgages the name “liar loans”.


There were also interest only mortgages which you did not have to prove your income for but these were banned in the UK too. There are flexible Mortgage Lenders out there who will have different criteria so it is worth accessing a Mortgage Broker to find the right type of mortgage for you and to explore in detail what lenders are offering. 

Can you get a self-cert mortgage overseas?

You can get a self-cert mortgage overseas however it is not advised due to the lack of protection when it comes to buying a property. If you are misinformed or mis sold products then there is no way to be able to protect yourself when it comes to mortgages overseas. 

It would be worth speaking to a Mortgage Adviser if you are looking to invest abroad as they will be able to help you and ensure you know what commitments you are making before you make them.

What are the alternatives?

There are flexible UK lenders out there who offer competitive rates to those found on the high street. More and more lenders are becoming more open to lending to the Self-Employed too even if their income is more complex to prove.

How can a Mortgage Broker at OneMP help me?

Here at One Mortgages and Protection we have access to the UK mortgage market meaning we can access lenders and mortgage deals that are not on the high street. We are authorised and regulated by the Financial Conduct Authority meaning we are qualified to help you with your mortgage application and give you the advice you seek. 

We can help to gather the documents that you are going to need to prove your income or help approach a lender if your income is more complex.

Finding a mortgage can be stressful which is why we will listen to your circumstances before tailoring mortgage advice to your specific situation. Speak to a Mortgage Adviser today to start your mortgage journey the right way. 

Call us now on 0113 208 3308

to find out more or arrange a consultation.

Based in Leeds, One Mortgages & Protection Limited offers impartial and unbiased advice to customers UK wide, no customer is too far away to help.