Salt's Approach to Self Certification Loans

Acceptable reasons for self-certification:

The following are considered to be reasons where we may consider self-certification appropriate:

Speed of Service / Contract Deadline.

Where purchase is via an auction, (completion date required)·
Where re-mortgage is due to a pending product end date on an applicant’s existing mortgage, (end date required)
Quick completion (completion date required)Where the ‘deadline’ for the above examples is more than 1 month, we would expect the application to proceed on an income verified basis.


Accounts not readily available.

Sole Traders and partnerships:

Self-employed less than 2 years may be an acceptable reason for self-certification.

If self-employed more than 2 years, we will require official IR tax returns or accounts.  If this proves income/net profit to be less than that stated on the application, we will look at how reasonable this is in comparison with previous years.  If reasonable, we will proceed on a self-cert basis.

Limited Companies:

Trading less than 2 years may be an acceptable reason for self-certification.

Any company trading more than 2 years should have prepared accounts and we would expect the application to proceed on an income verified basis.

Second Income not PAYE:

This may be acceptable subject to passing self-cert referencing requirements as per lending policy.

Income from more than one source:

This may be acceptable subject to passing self-cert referencing requirements as per lending policy.

Investment Income:

We would require a copy of the document detailing the ‘fund(s)’ being used to generate the investment income and apply a reasonability test as to whether the balance could generate the annual investment income stated.

Variable Income:

This may be acceptable subject to passing policy self-cert referencing requirements.

Other:

It is not expected that there will be any other reasons where self-certification may be viewed as appropriate.

Unacceptable reasons for self-certification:

Self-Employed:

On its own, this is not an acceptable reason for choosing self-certification.  Applications will be reviewed as per the above.