Can I still self-certify?

marleyuk_2

Hi,

I am currently a contractor and I operate through my own limited company. I have been running the company for one year and therefore have one years books.

My partner is full time employed however her income is signifcantly lower than mine.

Can I still self-certify? What do lenders take into account, would my one years books be sufficient to be included? would that take into account the money in my business or is it just my personal income?

I'm fairly inexperienced so any help would be great.

Cheers,

Marley.

powerwin

I am not an expert, but here are my thoughts:

- The mortgage environment has changed dramatically since the credit crunch, so whilst before the crunch in the property boom and the easy credit days, mortgage lenders would be ok with self certified earnings, since the crunch then lenders have become much more careful about self certified earnings, and it will be difficult if not impossible to get them to accept self certification.

- Now I expect that mortgage lenders will require at least three years of self employed earnings, and in most cases for these earnings to be audited by an accountant. They are unlikely to take one year of earnings, or any unaudited earnings.

- Whether they take account of money in the company will depend on how available that money is for you to use on your mortage. Any money in the company will also be subject to company law / taxation law in terms of whether you can move it out. Lenders will be aware of this and will take that into account, so it may be that they cannot consider it at all.

Hope that helps, and again I'm not an expert.

Rgds

marleyuk wrote: »

Hi,

I am currently a contractor and I operate through my own limited company. I have been running the company for one year and therefore have one years books.

My partner is full time employed however her income is signifcantly lower than mine.

Can I still self-certify? What do lenders take into account, would my one years books be sufficient to be included? would that take into account the money in my business or is it just my personal income?

I'm fairly inexperienced so any help would be great.

Cheers,

Marley.

opinions4u

I am not an expert, but here are my thoughts:

Why not put this in your signature line ... will save you typing it over and over

(Quick Links / Edit Signature)

powerwin

opinions4u wrote: »

Why not put this in your signature line ... will save you typing it over and over

(Quick Links / Edit Signature)

OK, new sig added, but I might repeat it in the thread too, just so people get the message!

Rgds

herbiesjp

Self certify is not available anymore.

You have not quoted any figures i.e. purchase price, deposit, incomes, NET profit etc so we cannot give any guidance.

There used to be so many posts like these, and then it turned out, that the posters did not need to self certify.

Self certify did not change your income figures, it simply meant there was less onus to verify that income.

There are a couple of lenders that could look at one years accounts, and a projection for year two, but it would depend on the whole scenario.

Get in contact with a whole of market adviser to see if they could get it agreed for you - although it will not be easy.

simpywimpy

Think it goes on your income from the company as you will be a employee of that company