Self cert/ self employed mortgage question

Alex1234

Hi, this is my first post so bear with me!
My situation is..we have just sold our house to a cash buyer (:j ) . We took an offer lower then obviously we wanted but thought better to get our money out now(our house was in N.Ireland which has been a particularly bad market for a over a year now) we are now back in sunny England and want to buy in Oxfordshire...we have decided to wait so one we're not in a chain and two we want to see what happens with prices...so...we have decided to put our house money into a high interest 6 month fixed term account and buy in 6 months (sorry if this is too much info..just wanted to set the scene!).
We will be buying with around 50%-60% ltv (depending on how far things fall), we have clear credit history, no ccjs or arrears, and will have no outstanding debts when we buy..I think however we will need a self cert..this is where I REALLY need advice, I am currently a full time mum and studying to practice in Bookkeeping and accounts so won't be working again until next year. My Husband is selfemployed but he works under the CIS (Construction industry scheme) and is on a long term contract and has receipts from where he's subcontracting since he's been with them since March stating how much he's paid and how much tax has been deducted. Last Tax year wasn't a full tax year for him as he was selfemployed from June, so do not have a full set of accounts. So I have been thinking the best thing is to go for a self cert for 2 years and then switch to a "normal mortgage" by which time we will have accounts for him and my payslips? Your opinions would be much appreciated or any other suggestions??
Also who are currently doing self cert?

Thank you in advance for your help

minimike2

Bank of Scotland or Godiva should be youe best bet at that LTV. Best idea would be to see a broker - but self certing you will probably pay a broker fee - I always charge £500 on self cert cases due to the nature of them.

Lenders change products all the time, so its hard to always know who will be best, but the above two are the ones I would usually consider for your circumstances, usually BoS would be the one I would use. (as they allow self cert from the first day of trading).

herbiesjp

Before looking at self cert, you may be able to look at a full status mortgage, even without the full years set of accounts. (and no I do not mean fast track)

This will mean better rates, and potentially lower fees.

What mortgage amount would you be looking at?
What kind of income is yoru husband currently bringing home

Alex1234

I think we will be looking at a maximum mortage of £120k my husbands income is £30k we also have extra bits coming in of about £3k. What is fast track anyway? (I know that's what you're talking about for us, but just curious, I've seen a few people mention it)
Thanks for your help

herbiesjp

At 50% - 60% loan to value that is a good starting point

Your husbands income of £30k is also good - you would be looking at 4 times his income without taking into account any income that you will soon be earning.


Have a word with a whole of market mortgage adviser to see what they come up with, but do not ask for self cert, as you could look to get better "standard" rates assuming your circumstances fit the criteria of the lender (which the adviser would find out beforehand)
The fact you will have no other debts is good, as is the fact you have a good credit history.

Alex1234

Thank you very much for you advice, much appreciated!