At the present time lenders have stopped lending on self certified applications.  The concept was originally designed for borrowers who were self employed, but may have only been trading for a short period of time or did not have up-to-date accounts, or those who were unable to provide adequate proof of earnings. In this situation applicants were able to self-certify their income to the lender. Following a review of the mortgage market by the Financial Services Authority in which the FSA called for a ban on such schemes, all lenders in this market have stopped taking self cert business until the matter is clarified by the regulators.  See our News Flash opposite.

A Self-Certification Mortgage is designed for people that cannot show physical proof of their income in the form of accounts or pay slips. Self Certification Mortgages were designed for self-employed or non-salaried individuals to reflect the fact that their income is often difficult to evidence.