Self certification mortgage
Self certification mortgages are aimed at those who can find a reasonably sized deposit but are unable, for a variety of reasons, to show their true income. They are therefore ideal for the self employed - either people with their own business or those on short-term or part-time contracts.
Self Cert mortgages are designed for people whose income is difficult to assess using the standard methods adopted by most conventional mortgage lenders. The specialist mortgage lender will be far more accommodating and they appreciate that different working patterns require a more flexible approach.
Self Cert mortgages have become extremely popular with the changes in work practices in the last few decades; especially for those dependent on bonuses for a sizeable portion of their income or workers on short-term or part-time contracts.
Self certification does have its limits though - most mortgage lenders will only allow you to declare your income in this way if you want to borrow a maximum of 85% of the property's value, so you will need to put down a substantial deposit.