Best Mortgage for Self- Employed

skyjumper

hi guys,

need some advice. I need to apply for a mortgage. I have been working full time and have become self-employed since Feb 2008. any idea who will take me? i have got 40% deposit so the LTV will be around 60% only. But I need to know what's the best mortgage available in the current market and who's accepting Self employed with less than 6 months records.

Any experienced Mortgage advicers here - help me out. I'm buying in the Northwest of England.

any advice appreciated

sdooley

Buy 1/2 price at auction, put the 20% you don't yet have on the 0% credit card.

skyjumper

thanks for the advice, but sorry sdooley, not in a position to buy at auction. have found a place, now it's time to get the mortgage- not sure how to go about it as I have only been self- employed for the past 6 months.even though I do have a good deposit, i'm not quite sure if going to a IMA would do me any good.
please any suggestions

koexelek

At 60% loan to value, I can't see you having too much of a problem.
A lot of lenders will not even ask for proof of income if you have such a big deposit, assuming you have a clean credit rating.

there are also lenders out there who will do self certification ( you state your income, but don't have to show accounts) mortgages for self employed people who have only just started trading.

That should be an easy mortgage for an experienced mortgage broker to place

_Andy_

koexelek wrote: »

At 60% loan to value, I can't see you having too much of a problem.
A lot of lenders will not even ask for proof of income if you have such a big deposit, assuming you have a clean credit rating.

Not if the OP states he's been self-employed that long. I assume you're suggesting the OP and their broker make a fraudlent fast-track application and hope that the lender doesn't audit it?

koexelek

_Andy_ wrote: »

Not if the OP states he's been self-employed that long. I assume you're suggesting the OP and their broker make a fraudlent fast-track application and hope that the lender doesn't audit it?

It's a risk to declare an income you can't back up. Stating a true income you can't prove and stating a fictitious income are two totally different things
You might strike it lucky and the lender won't check, but if they do, they will throw it straight out.
Best to put down true income and true length of time in job. There are lenders out there who might still fast track it at that loan to value.

Doing a self cert " day one trading" mortgage should be a watertight option though. The rate won't be as good as a fastrack one though.

I arranged a mortgage with a high street lender for myself when I had only been self employed for six months. Because I had a good credit score, and was able to show bank statements with enough money going in to support the loan, they did it.
Loan to value was 50% ish.
Underwriters will sometimes be flexible if it is low risk and they are keen to lend.

skyjumper

thanks Koexelek

would you able to suggest where is the best place to look for the kind of lenders you have mentioned or the Mortgage Advicers who would deal with this kind of a request.

thanks again

koexelek

skyjumper wrote: »

thanks Koexelek

would you able to suggest where is the best place to look for the kind of lenders you have mentioned or the Mortgage Advicers who would deal with this kind of a request.

thanks again

I'd just look for a local adviser who is "whole of market" and does not charge a broker fee ( getting commission from the lender instead).
All brokers SHOULD disclose this sort of information up front.
Do a search on local IFA's/ mortgage brokers in your area then ask those questions.
I'm down south, so don't really know anyone personally up north I'd recommend

skyjumper

thank you koexelek for your time and efforts

hope i could find some MSE who knows this area and will be able to advice me on this