Spanish Self Certification Mortgage
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What Is a Self Certification Mortgage?A Self Certification Mortgage is essentially a mortgage that can be available to those with various modes of emplyment such as those who are self-employed, those who are employed, those who work on a contractual basis, those who have had problems getting credit in the past and even people buying a house for the first time. The difference between a self certification mortgage and other types of mortgages available in Spain is that a applications for a self certification mortgage are assessed using non-conventional means testing. What Do I Need to Apply?You do not need to supply the standard documentation when applying for a Self Certification Mortgage in Spain such as bank statements, proofs of income, payslips etc. Providing these documents for a standard mortgage implies that your business or employment life follows the general standard benchmarks of a regular monthly payment or regular working periods. As this is not always the case, and more so in todays diverse and dynamic business environment, a self certification mortgage is often a better option for those such as employees on short term or pert time contracts, financial sector workers who receive large bonuses annually or even computer programmers working on a contractual basis. Instead the mortgage lender usually conducts a credit score on you, and will sometimes request a reference from a previous or current lender or perhaps even your landlord to confirm ability to repay your mortgage. Does it Cost More ?As with everything in life, invariably the Self Certification Mortgage does tend to have a slightly higher rate, which reflects the extra risk to the lender of this type of mortgage. The exact rate you will pay for this type of mortgage is often related to the amount of deposit you can put down. Should be able to put a deposit of 25% down then you would get a lower rate. Although some lenders will provide you with a Self Certification Mortagage, it is rare. |
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