Self Cert Advice Please

mollymootoo

Hi, Could anyone please point me in the right direction for a self cert mortgage. I know these are harder to get these days and was wondering who still offered them. we would ideally be looking at a 5 year fixed rate.

The borrowing is 75% of value and the provable income would mean we needed a 5x joint income.

I have only had a second self employed income for 6 months so have no proof for this. I also receive rent from my sister who lives with us but no proof of this either. With all income we would be looking at 4 x joint.

Many Thanks

Mr_helpful

Shouldnt be a problem. You need to talk to an independent broker who doesnt charge fees

herbiesjp

There could be potential for this to be done, and at normal standard rates as well.

You should be looking at lenders who might be able to offer you standard rates rather than self cert (and I am not talking about fast tracking) which will mean more competitive rates.

Who is your current lender (that is if you already have a mortgage)?

sarkin

Lots of brokers have been fined for self cert mortgages this year, our policy is that we want to see a bank statement for cash flow.

Dont care where the money comes from just need to see evidence.

Mr_helpful

sarkin wrote: »

Dont care where the money comes from just need to see evidence.

Not quite the FSA wording on money laundering:rotfl:

minimike2

Mr_helpful wrote: »

Shouldnt be a problem. You need to talk to an independent broker who doesnt charge fees

You would be hard pushed to find a broker who will do a self cert without charging a broker fee. I certainly wouldnt do it fee free.

mollymootoo

Thanks for the help, here's some more details -

We're with Birmingham Midshires at the moment owing just under £200k

The figures are - £260k on a £345k house
incomes - £32k and £22k on payslips plus £900+ extra a month

The extra income can be shown on 2 bank accounts statements - one is cash payments from my sister and the other BACS from my self employment.

Our credit score is good (no payments missed etc) although £60k of the borrowing will be going to pay off credit cards and loans we took to complete the home improvements we did when we bought the house 2 years ago.

herbiesjp

This definitley looks do-able and on standard rates

Have you gone via a fee free broker previoulsy?

minimike2

I would agree as long as there are no other debts that are going to remain in force then you should be able to do it without the need to self-cert, but a broker will be invaluable in recommending the right lender in this case.

koexelek

sarkin wrote: »

Lots of brokers have been fined for self cert mortgages this year, our policy is that we want to see a bank statement for cash flow.

Dont care where the money comes from just need to see evidence.

Yep, I did one for a chap this morning.

He didn't have a job, but when he showed me the bag of cocaine he had to sell, I knew he'd be OK to make the payments:rotfl:

FSA should be OK with that, as long as I've put a file note on, shouldn't they ? :cool:

mollymootoo

Thanks for the help, I'll ask around for a fee free broker. At least I know I've got some options now.