self cert mortgages?

tegai1

Hi,
Just a quick question? Do self cert mortgages still exist, and if so have they changed at all?

Thanks

mrburns_2

Self cert mortgages have sunk faster than the Titanic with the Roly Polys onboard.;)

There is the odd firm which will do them but you will pay the price on the interest rates.

Unless your figures are in black and white then you have no chance Im afraid. The reckless days of lending will never return

tegai1

Thanks, that’s what I thought.
I’m a Contractor and for the last 2 years I’ve been going PAYE through an Umbrella Company. Last month I started to trade via my new Ltd company, so basically I pay myself £11,000 approx a year and then pay myself a dividend every quarter of approx £10,000.
So with self cert out of the question, can I get a simple off the shelf mortgage by asking my accountant to prove my income? Or will I need a specialist broker to sort a new mortgage out for me?
If I stay with my current lender (Nationwide) and go for a moving house mortgage, will they treat me as a new borrower and go through full checks of income etc?
Thanks again

tegai1

just to clarify - my mortgage is now £87,000, and i'm looking to borrow an extra £90,000.

koexelek

tegai1 wrote: »

If I stay with my current lender (Nationwide) and go for a moving house mortgage, will they treat me as a new borrower and go through full checks of income etc?

Sadly, yes

housebuyer_abc

tegai1 wrote: »

Thanks, that’s what I thought.
I’m a Contractor and for the last 2 years I’ve been going PAYE through an Umbrella Company. Last month I started to trade via my new Ltd company, so basically I pay myself £11,000 approx a year and then pay myself a dividend every quarter of approx £10,000.
So with self cert out of the question, can I get a simple off the shelf mortgage by asking my accountant to prove my income? Or will I need a specialist broker to sort a new mortgage out for me?
If I stay with my current lender (Nationwide) and go for a moving house mortgage, will they treat me as a new borrower and go through full checks of income etc?
Thanks again

You shouls really have done this before leaving PAYE. Ordinarily you need two years of signed (accountant) books before banks will look at you as a self employed (albeit limited company) individual

tegai1

oh dear!! Any advice on how to tell the wife the bad news? :eek:

luckyfool

You might be able to do something with that full status.

Did you get dividends as well through the limited company? Have you been doing similar contracts... relatively continuously?

Get a good broker who can sort you out with a lender that is open to lending based on your contracts as opposed to accounts etc. Some will do it if you can show contracts covering a certain period, and show that they have been renewed or are ongoing.