Self cert mortgages - any brokers care to comment

olias

To avoid any confusion with other threads I have started my own,

Can any mortgage advisers or others with relevant information answer the following please.

I have income from a number of different streams some of which regular lenders will accept, state benefits, occupational pensions etc etc. These however make up only about 50% of my income. The other income I have derived historically from a number of different (legitimate and non taxable or tax concessioned sources). I am therefore limited on my borrowing power with high street lenders and am looking at self certified lenders.

After several unhelpful replies on other threads can anyone clarify the following:

It was my understanding that self certification was just that - ie you were self certifying your income and the lender required no proof. As long as the mortgage broker you used was satisfied with the evidence you provided to him, that the income was legitimate and historically evidenced(in order to prove they were acting responsibility in the event of a check by the FSA), then that was sufficient. Any (helpful!) comments or observations appreciated.

Olias

Mrs_Bumble

You can self ceritfy the income but the income needs to be provable and the broker/lender have to be satisfied that the income is sustainable and legitimate, on the previous thread you advised that you can prove the income because it shows on your bank statement. This just isn't sufficient proof that the income is legitimate and sustainable because it could be anything.

olias

would three years bank statements showing the income fairly constant not be evidence of its sustainability? The extra income is predominantly through property of which I do have other documentation to evidence to any broker. My bank statements also show my financial outgoings, proving the affordability of the lending I am looking to take on

Olias

Mrs_Bumble

If the income is through property then surely it needs to be declared?

I don't want to be rude or anything but proving income through bank statements is just not sufficient, it could be the proceeds of anything and wouldn't hold up to money laundering requirements.

koexelek

Rental income is no good to most lenders theses days.

They take the attitude, what if you lost your tenant ?

FraudBuster

Yesterday, 2:13 PM #18 olias
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All either taxed at source or are not taxable, don't want to go into specifics of my personal finances on an internet forum, but I don't need to fill out a tax return therefore the only evidence I have is through bank statements which high street lenders will not accept (at least not in full), hence the need for self certification. Don't worry I am fully legal!:D

Olias

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olias

I am not interested in explaining myself to complete strangers on a public internet forum. This forum is for advice and to request answers to specific questions, not to query the legitimacy of posters of who you have no knowledge of their circumstances.

For the record I have a perfect credit history, have paid all my relevant tax (and lots of it!) throughout my life and pay all my bills on time. I have held mortgages, bank loans, credit cards and overdrafts with numerous high street lenders throughout my life, and have never missed a payment and have paid off all my borrowing in full. Thankyou.

Olias

Mrs_Bumble

You asked why it would be difficult to obtain a self cert mortgage, I have told you?

olias

Mrs_Bumble wrote: »

You asked why it would be difficult to obtain a self cert mortgage, I have told you?

My comments were aimed at 'fraudbuster' post #6. If you look, you will see I have thanked you for your posts Mrs Bumble. Sorry for any confusion

Olias

candice56

Dont know if it helps because Im not a broker but after me and DH went travelling we didnt have any wage slips for a year but wanted to get back on the property ladder.

We found a broker who I wouldnt recommend after he cost us a survey fee to a lender who would never have lent on our house(next to garage), Sorry ANYWAY, eventually we went with Birmingham Midshires through him (apparently you can only go through a broker to them) we did a self cert as we had both got jobs by then but werent asked to provide any wages slips or other proof at all, which for us was great as we had a great working history and deposit but no wage slips for a year. Got our mortgage and got our house!

HTH

Mrs_Bumble

candice56 wrote: »

Dont know if it helps because Im not a broker but after me and DH went travelling we didnt have any wage slips for a year but wanted to get back on the property ladder.

We found a broker who I wouldnt recommend after he cost us a survey fee to a lender who would never have lent on our house(next to garage), Sorry ANYWAY, eventually we went with Birmingham Midshires through him (apparently you can only go through a broker to them) we did a self cert as we had both got jobs by then but werent asked to provide any wages slips or other proof at all, which for us was great as we had a great working history and deposit but no wage slips for a year. Got our mortgage and got our house!


HTH

Did you both have jobs when the broker put the application in?