For many people such as the self-employed with irregular or seasonal earning patterns or employed people with low basic salaries and high, but not guaranteed, commission earnings or performance related bonuses, earning the money is one thing but proving it to a lender can be an entirely different matter. Certain specialist lenders understand this and are prepared to accept applications on a self certified basis where the income is declared but does not need to be verified. Besides an applicant’s credit worthiness, the additional security they require is a minimum amount of equity to be retained in the property. The usual requirement will allow for a maximum 85% loan to value with 15% equity remaining although a few lenders allow 90% loan to value with only 10% equity remaining. This facility is available for both purchases and re-mortgages.
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