Mortgage Advice Needed!!

tornadobunches

Hello - I am looking into any possible mortgages available given my circumstances below, just don't know who to ask, as it all looks against me as it were:-

- I am on a Debt Management Plan, for past 2 years - always paid. just reduced totals
- Have 4 defaults on loans, cards
- Self Employed - so we need a Self-Cert mortgage (Wife employed)
- First Time Buyer

BUT we do have a non-repayable deposit to put doen of £30,000, that I can only use as a deposit and not to pay off debt.
Does anyone know given the above criteria whether it is remotely possible me being able to get a mortgage? Any advice/help would be much appreciated. Thank you. M

_Andy_

How long have you been self-employed for? Can you prove your income?

tornadobunches

Thanks for your reply. Been self-employed for around 4 years. However, my accounts have not been done by an accountant, but by myself. So I have proof of income in that respect, and through my Tax return. However, the net profit, which is I believe what they look at, is low, as I have quite high costs, so if they based anything on that there would be no chance. Thanks. M

Conrad

You dont necesarily need income proof in the form of accounts, and furthermore, you are legaly entitled to present the last 6 months books to an Accountant of your chosing, and there is nothing to stop you declaring as a high profit as is reasonably possible.

You of course need to be sure the payments are affordable ongoing. Lenders will concern themselves over the fact you weren't able to pay obligations in the past, so will want to know what's changed that will enable you to pay your future obligations.

One watch point for you; First National (I Group / GE Money) are in the habit of asking for debt managers to confirm in writing they accept none of your deposit is to be used to pay down the debts under management.

So your case is a little challenging but a decent broker I'm sure will give it a go. Be aware brokers tend to describe themselves as independant, but few truly are.

toonfish

Conrad wrote: »

You dont necesarily need income proof in the form of accounts, and furthermore, you are legaly entitled to present the last 6 months books to an Accountant of your chosing, and there is nothing to stop you declaring as a high profit as is reasonably possible.

You of course need to be sure the payments are affordable ongoing. Lenders will concern themselves over the fact you weren't able to pay obligations in the past, so will want to know what's changed that will enable you to pay your future obligations.

One watch point for you; First National (I Group / GE Money) are in the habit of asking for debt managers to confirm in writing they accept none of your deposit is to be used to pay down the debts under management.

So your case is a little challenging but a decent broker I'm sure will give it a go. Be aware brokers tend to describe themselves as independant, but few truly are.

first national (igroup/GE money) don't do self cert anymore - good job you are ahead of the game unlike us fee free independent types

Premier_2

Sorry to hear about your dad dying
http://forums.moneysavingexpert.com/showpost.html?p=18136051&postcount=3

Probably not the best tiime to stress out over buying your first home just now.

I suggest you use the £30k to settle your outstanding debts, and use the near future to rebuild your credit profile.

Many lenders have stopped their self cert/self lie mortgages due to the high risk they expose the lender to. If you do find one prepared to lend on a self cert basis, a good crefit profile will help you enormously.

payless

Conrad wrote: »

So your case is a little challenging but a decent broker I'm sure will give it a go. Be aware brokers tend to describe themselves as independant, but few truly are.

Those that do- can't spell