Self Cert Mortgages - are they still out there?

aimingforadebtfreelife

2 years ago took a fixed rate 5.49% "near prime" for 3 years for a £98k mortgage with GE Money. We need to move now because of personal reasons. I went through Home Loans Direct last time who got me this mortgage as I have an salary of £16k a year but we get a lot in benefits for my son (DLA and carers which GE Money took into account). I phoned GE Money today and they basically said "go elsewhere" for another mortgage as the guy said they have pulled loads of products and now specialise in the "unobtainable market - ie their cheapest rate is 8.74% rising to 13% ARGGH ". I have a redemption penalty of 6% and will have to bite the bullet on that. If I sell my house now I will have £30k equity.

Does anyone know of any "active" lenders still taking benefits ie DLA and carers into account?

Many thanks in advance.

_Andy_

As all of your income is proveable there should be no need to self-cert.
Your best bet would be to speak to a good whole of market broker who can find you an appropriate lender and product.

herbiesjp

Plenty lenders take these benefits into account - although different lenders will take different amounts into account when looking at possible mortgage amounts.

So as Andy says, no need for a self cert mortgage, just a good whole of market adviser to find you a good deal

koexelek

_Andy_ wrote: »

As all of your income is proveable there should be no need to self-cert.
Your best bet would be to speak to a good whole of market broker who can find you an appropriate lender and product.

Agreed.

Not only that, most self cert deals that are still out there are only available to the self employed now.