Are self certified mortgages still available?

viallis

Help needed urgently !!! We have sold our house after 8months, we are downsizing from an enormous mortage to a much smaller one, we have found a house, our buyers can move in asap, the vendor of the house we want is moving into an empty bungalow so NO CHAIN. Abbey in their wisdom have turned us down for a new, smaller mortage because my husband is a sole trader, we self certified last time, we have never missed a payment and the house we live in costs the earth to run. His books show he earns not a lot ( we have a good accountant) but we have an excellent credit history and will save at least £1500 a month if we can move to this smaller house. We have been told it will cost almost £5000 to come out of the Abbey Mortgage if we take out an alternative, so it looks as if we may be stuck here for ever. Are self-cert mortgages still around and what are these fast tracks that I have seen. I know we are asking a great deal but we have never failed on a payment and even when times have been hard for my husband we have managed somehow and now we want to get rid of this enormous house and running cost, Abbey are quite prepared to let us pay this monthly sum without blinking an eyelid even though they say we cannot afford one that is halved.

luckyfool

viallis wrote: »

Help needed urgently !!! We have sold our house after 8months, we are downsizing from an enormous mortage to a much smaller one, we have found a house, our buyers can move in asap, the vendor of the house we want is moving into an empty bungalow so NO CHAIN. Abbey in their wisdom have turned us down for a new, smaller mortage because my husband is a sole trader, we self certified last time, we have never missed a payment and the house we live in costs the earth to run. His books show he earns not a lot ( we have a good accountant) but we have an excellent credit history and will save at least £1500 a month if we can move to this smaller house. We have been told it will cost almost £5000 to come out of the Abbey Mortgage if we take out an alternative, so it looks as if we may be stuck here for ever. Are self-cert mortgages still around and what are these fast tracks that I have seen. I know we are asking a great deal but we have never failed on a payment and even when times have been hard for my husband we have managed somehow and now we want to get rid of this enormous house and running cost, Abbey are quite prepared to let us pay this monthly sum without blinking an eyelid even though they say we cannot afford one that is halved.

The Mortgage Works are probably the best bet as they dont require you to specify an actual net profit figure. You should speak to a broker.