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Broker help - self certification amongst other things!
h0ney
Posts: 78 Forumite
Can anyine give me some advice? I am looking to purchase a house worth 295k, and require a mortgage of 265k. I don't want to sell my current home which is worth around 170k with a mortgage of around 98k on it. We need to remortgage current home to raise deposit for the new one I think. We have our own business and basically need to self certify because our wages on paper are around 7k per year each. We obv get dividends amongst other things from the business too.
What do you think/ Are we dreaming?!
Many thanks in advance
H
What do you think/ Are we dreaming?!
Many thanks in advance
H
0
Comments
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Dividends can be taken into account by lenders. These should be shown on your accounts. How many years accounts do you have?
Foreversummer0 -
At £265k on £295 you would struggle to do it full status, let alone self cert:oI 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
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I could poss raise more for the new property if i remortgage current property for more?
The company has been running for 4 years, we gave 3 sets of accounts so far.0 -
You are looking at high LTVs
Plus a LTB scenario (not BTL)
And wages of £7k
On that basis it is not going to happen
Your dividends would need to be pretty good to support that loan amount.
You would then need to find at least 15% deposit - more if possible.
Then find a lender to "ignore" the property in the background
And then you would need to speak to a whole of market broker to fit all the pieces of this jigsaw together, if at all possibleI 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 -
Are you one?!You are looking at high LTVs
Plus a LTB scenario (not BTL)
And wages of £7k
On that basis it is not going to happen
Your dividends would need to be pretty good to support that loan amount.
You would then need to find at least 15% deposit - more if possible.
Then find a lender to "ignore" the property in the background
And then you would need to speak to a whole of market broker to fit all the pieces of this jigsaw together, if at all possible0 -
Yes I am...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
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