When applying for a self-certification mortgage you will be required to state your expected annual earnings. The mortgage will be offered on basis of your likely income rather than you having to provide any documentary evidence.

Self-certification mortgages used to require a higher deposit of up to 25%, but now some lenders can offer up to 90% loan to value. Self-Certification mortgage lenders will usually lend up to three and a half times declared income or two and three quarter times joint income. However, with a deposit of 25% or more a Self-Certification mortgage can usually offer up to five times your declared earnings.

Self-Certification mortgages carry a higher rate than standard mortgages because statistics show most businesses fail within first two years of trading. So if you were to be left with heavy debt there is a possibility you could lose your home. However, some self-certification mortgages are better than others, and, if cash flow is a problem, it's worth checking out those that offer payment holidays and facility to pay more when you can.

Fortunately there are a number of competitive self-certification mortgage products available, depending on your circumstances and individual requirements. Self-Certification mortgages are now supported by an ever increasing number of mortgage lenders, including mainstream as well as specialist lenders. Interest rates charged are now far more attractive.

Self-Certification mortgages have become increasingly popular in recent years. However, you should always remember that you will be asked your income on application. Just because you are in a self certification situation, you should only put down your actual income. To do anything else would not only be fraud, but could also mean that you are unable to afford your mortgage repayments, especially if mortgage rates rise in future.

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A buy to let mortgage is a way to enable you to invest in property. The criteria for lending is worked out differently to a standard mortgage, however there is no limit on number of properties you may buy to let.

The difference is that maximum loan-to-value (LTV) is usually lower, meaning that a larger deposit is required. Other restrictions may also apply, such as minimum letting terms and rental income.

Lenders will normally incorporate a proportion of rental income when calculating how much money they are willing to lend you. With a residential mortgage, total mortgage repayments are based on applicant's salary. However, since a buy to let mortgage is used to finance buying of a property for rental purposes, borrower must prove that rental income will cover buy to let mortgage.

The big difference compared to a standard home loan is that most lenders won't just take your salary into account when assessing eligibility. Potential rental income from property is normally most important factor in assessing affordability. Another important difference is that a minimum deposit of 15% is required.

Buy to let investors should also consider downsides. Will you be able to let property? Will you be able to let property all year round? Prudence dictates that in calculating whether you are able to afford a buy to let mortgage, you should see whether you would have enough income to support second mortgage payments when you are unable to secure a tenant.

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