Self-cert advice needed

bear23

I am at present mortgage free and selling a small flat for 130k, am looking to upgrade to a 2 bed in region of 200k and do the mortgage thing for the first time.
I am self employed and envision only living in the new place for a max of 2 or 3 years, am assuming I am looking for a 2 year fixed rate with no tie in for the 70k I needto borrow.
I am also intending to upgrade the property while living in it, if I took an interest only mortgage this would free up cash for this work, and not really be that noticable a difference on the size of mortgage when repaid in 2/3 years time compared to a repayment scheme.
I am of to a whole market advisor tommorrow and want to know if i'm assuming any inaccuracies in what I think I'm after,
thanks

dwsjarcmcd

dear23
You don't explain why you think you need a self cert mortgage? Just because you are S/E, it doesn't nesserarily follow you need this.

Do you have accounts for the last 3 years?

bear23

I was caring for my disabled brother and running a business as a part time hobby type thing up until 18 months ago ( a distraction from my day to day caring duties) His partner has now taken over most of this. I am now running my business full time and it is growing hence the confidence for a mortgage and the need for S/E, thanks for the comment though as I did assume self employed would mean self cert, when I come to remortgage my books will support 3 years of accounts

dwsjarcmcd

Given the size of the mortgage in relation to the purchase price, and your accounts, you should have the pick of the market (all else being equal)

Good luck!

AndrewSmith

I would have to agree.

With that size of equity against the property value I may be the case that you can apply full status for the mortgage.

In some cases where there is good equity and a high credit score the lender may not ask for proof of income anyway.

Also you may find that you are better off with a more 'traditional' lender who will be prepared to assess your case on it's individual merits, rather than a more automated lender where 'the computer says no'.

Let us know how it goes with the broker tomorrow.

bear23

thanks for the quick replies you have settled alot of my nerves about tommorrows big meeting!

herbiesjp

HAve to agree - self cert should not be your first option here.

As long as your accounts/income can support the mortgage you are looking for, there is no reason why you should not be looking at the top rates out there on the market.

HTH