Information About Self-Declaration Mortgages


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​Information About Self-Declaration Mortgages

Information About Self-Declaration Mortgages

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​Self-Declaration Mortgages are meant for individuals who are self-employed or those who have an irregular income statement. These mortgages allow applicants to declare their income without having to back-up the information with account statements or pay slips.

Additionally, if a borrower’s circumstances change during the course of the loan, they may be able to remortgage and secure a cheaper deal to better fit into their budget. Self-Declaration Mortgages have interest rates that usually range from 0.5 percent to 1.5 percent higher than traditional mortgage interest rates.

Self-Declaration Mortgages Explained

Self-Declaration Mortgages are for individuals whose income is tough to evaluate using the traditional methods. Although unconfirmed or supported incomes may be scary to lenders, it does not mean that these individuals cannot apply for financing.

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Applicants are asked to claim their income without having to use bank statements or pay slips to prove the amount. Based on the applicant’s declaration of income and other factors, a lender will assess the confidence they have that the borrower will be able to repay the loan. If their confidence is high enough, the loan will be approved and dispersed.

Those who are self-employed or who have an irregular income may not qualify for traditional mortgages or loans based on the idea that their income cannot be tracked or proven via bank statements or pay slips. Traditional financing usually requires at least three years of consistent financial records, including bank statement and pay slips.


If an applicant cannot provide this information, or can only provide less than three years of information, they are usually not approved. Self-Declaration Mortgages are a great alternative for those who are lacking financial records for which traditional lenders require.

Who Qualifies for Self-Declaration Mortgages?

There are a number of different circumstances that may qualify someone for a Self-Declaration Mortgage. Some of these situations include those who are self-employed, work on a contracted basis, work irregular hours or part-time, work on commission, and those with multiple income streams.

If you have issues proving your income we would love to hear from you:

Step ​1

When an individual’s income fluctuates, it sends a red flag to traditional lenders and is seen as a higher risk for extending a mortgage. With Self-Declaration Mortgages, the loan amount is based on the applicant’s signed declaration of income as well as credit checks and other financial information.

Charges and Costs Associated with Self-Declaration Mortgages

It is important to note that although financing for those with varying incomes is available, the interest rates associated with Self-Declaration Mortgages tends to be higher than those for traditional mortgages. This is simply because they pose a higher risk to lenders than those who have regular incomes.

In recent years, there has been a large increase in individuals declaring varying incomes, causing lender’s confidence to rise and interest rates to slowly decrease over time. The average interest rate for Self-Declaration Mortgages is between 0.5  and 1.5 percent higher than conventional mortgages.

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