Self cert mort help req

Kyle_2

hiya guys, hope you can help

just managed to buy my ex out of house but in 6 month i will be looking for a better deal and will be out of 5 year deal period. I have gone self employed in the last 6 months. When i go shopping for new deal i am told because i am self employed and i cannot prove income that i will prob need to get a self cert mortgage, is this right and will this limit how good of deal i'm likely to be able to get?? The house is worth about 110k and i have present mort for 50k

If self cert is the way to go, what details do they require? do i give them details of how much i earn and they just believe me? or do they simply not ask?

Thanks in advance and i will prob ask more questions as not really into mortgages and think there quite complicated..... Kyle

Barney088

There are quite a few lenders that will warm to your situation. THings have moved on and you can get a mortgage with only one years figures. I'd always try to prove it if possible. If you have an accountant who can confirm figures for a lender I'd go down this route, it is likely to be cheaper. Particulaly as you are only borrowng £50K on £110K, I'd give you the money myself if I had it. What could go wrong?

Self Cert is exactly as you describe, you tell them and they believe you. However increasing your income is mortgage fraud so be carefull with what advice you are given.

Depending on a credit score, you may even be "fast tracked" which would mean you need to give the lender nothing other than proof of ID.

Shout if I can be of any more help.

herbiesjp

@ Barney088

Hi there - if you are a mortgage adviser i think it would be helpful if you could state this fact on your signature so that people will know exactly where you are coming from with your advice.


You might want to look at some of the other adviser's signatures to get a pointer