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Self cert interest only
Comments
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FraudBuster wrote: »Lie-to-Buy Mortgage Brokers can be difficult to find on a public forum.
Agreed, but there is a time and a place for proper self cert, especially in the early years of self employment.
Employed self cert is more difficult to justify though. Mind you, hardly any lenders do it anymore.
I don't think any broker worth their salt would place a mortgage with a lender if they did not feel the borrower could make the payments.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Indeed - what Andy was probably looking at was ways of maybe getting a mortgage agreed on a full status basis.
Knowing a lot about how lenders work, can help you place many cases down a status route rather than a self cert route.
An advisers role is to place the business with the most suitable lender for the client. As an adviser I woud always explore every avenue before looking at self cert - not because I am being rude - but because I want top get my client the best deal (and by doing so get repeat and referral business)
Many a time I've had clients come to me saying they want a self cert mortgage because they think they cannot get a status mortgage, and they are so pleased when they get a high street street (and I am not talking about fast track)
So if the OP does not want to post all their details on the board, as they themself say, then maybe they should talk to an adviser and expand with more informationI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
first option is to see what your existing lender is offering, there's a chance that the reversionary rate on the original deal could be better than what's available now. After that very much does depend on the reason for self-cert and how your income is made up as the few lenders left in the market all have different criteria.
Some work on an affordability basis which is often more use than standard multiples of declared incomeI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
first option is to see what your existing lender is offering, there's a chance that the reversionary rate on the original deal could be better than what's available now.
That would probably apply if it was full status, as well as self cert, at the momentI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
tomstickland wrote: »Well, apart from providing an ideal vehicle for fraudulent applications. As reported by various media over the last 10 years.
Yeah......its just a shame they fail to mention how great they are for the non status people who clearly have the funds to be able to afford a mortgage, just that thier income isnt proveable in the "traditional" means, who have been able to buy thanks to self cert.
Dont get me wrong I agree with what you say - self cert has been abused, but it is still a great product. THATS the bit that everyone always leaves out and it gets my goat.0
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