Individuals and businesses can now self certify for a commercial mortgage. That means in essence you declare your income but because of your commitment in equity (often as little as 15%) you are not asked to provide documentation in the form of accounts. These mortgages are often called 'self cert' commercial mortgages.
This type of commercial mortgage is generally fast and efficient in the application stage with many borrowers enjoying the simplicity of the process and finding it fits real life business better than other forms of application.
- No accounts
- No bank statements
- No interviews
The term of the self cert mortgage can be to allow borrowing up to a maximum of 30 years.