Self Cert Mortgages

In_the_black_3

Hi. Does anyone know if any of these mortgages are still around in this economic climate. Thanks

koexelek

Not that I am aware of

_Andy_

Why do you feel a self-cert mortgage would be suitable?

In_the_black_3

[Why do you feel a self-cert mortgage would be suitable?[/QUOTE]
Well, I have one on my current property and it suits because my income varies every year

_Andy_

Can you prove your income?

In_the_black_3

Yes, but was hoping to borrow a bit more than just 3x that, as i did on my current property. Thanks

_Andy_

If you can prove your income then a self-cert mortgage isn't needed or suitable.

What income multiple are you actually needing?

In_the_black_3

I was hoping for 4.5x or 5x over 30 or 35 years, so if I can get that without self certifying that would be great

_Andy_

Unlikely - very few lenders doing that kind of multiple.
Just so you're aware, even if you do self-cert, you still need to declare your actual income rather than inflating it/lying.

FraudBuster

In_the_black wrote: »

I was hoping for 4.5x or 5x over 30 or 35 years, so if I can get that without self certifying that would be great

Like this guy?

Karim applied for a mortgage of £480,000 telling the lender that his annual income was more than £100,000 – while at the same time declaring an annual income to HM Revenue and Customs of £30,000. As the £480,000 loan applied for was 16 times his declared income the FSA found he must have known that the application would not meet any lending criteria. It therefore seemed highly likely that he knowingly declared a false income of more than £100,000 as the only way to obtain a loan of that scale.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/090.shtml

In_the_black_3

LOL.I would be stretched at 5x. Thanks for the replies.