Are you ready for a new mortgage but unable to prove your income.

Lenders have strict rules concerning income and affordability.  You must take care because it is fraud to mis-represent your income on a mortgage application.

An independent financial adviser that deals in mortgages or a mortgage broker can assist you to make your application to the best lender for your circumstances.  Apply to the right lender first time around as each application you make adds to your credit file.  Declined applications will make it harder next time around.

Fast-Track (No proof of Income)

May independent financial advisers (IFAs) and mortgage brokers have special fast-track application arrangements with prime lenders including high street names and the top ten building societies and banks.  This means that by when applying through the IFA or mortgage broker you do not need to prove income where you would normally have to.  Fast-track mortgages have the same rates of interest and fees as normal mortgages.  You do not pay extra to apply without proof of income.  

Care should be excercised, these fast-track mortgage arrangemetns do not guarantee you will not be asked for proof it is simply the general practice for most fast-track cases.  You will need to have a good credit score or you will not qualify for many schemes.  As your Independent Financial Adviser or Mortgage Broker to check your application carefully before submitting to the lender.

To apply for a fast-track mortgage through an IFA or mortgage broker you will need a deposit of around 25%.

True Self-Certification

Usually, but not allways slightly more expensive, many people prefer a true self-certification mortgage because the lender will never ask for proof of income.  Many of these schemes are not available through direct application and you will need to apply through an Independent Financial Adviser or Mortgage Broker. 

Cost is an important factor.  Although some mortgages are very competitively priced, there are lenders who charge significantly more for true self-certification.  A good Independent Financial Adviser or Mortgage Broker will find the best value for money for you and explain all of the charges to help you avoid any nasty surprises.  Especially important to watch for are extended early repayment charges.