Self-cert / Fast-track

MortgageMamma

AndrewSmith wrote:

Possible however it is sometimes the case that the lender will imply that the case is being Fast Tracked only to request income proof prior to releasing the mortgage offer.

Good credit score is not the only factor that will dictate whether they require proof of income, length of time self employed will also play a very important part in this case.

Andy, if a senior underwriter confirms its being fast tracked and is low risk over the phone upon receipt of application, they are very unlikely the change their minds further down the line as I'm pretty sure they won't assess it more than once. Other than a change of policy between application and completion, or someones income looking unusually high for their occupation, I really can't think of anything that would trigger a sudden change in lender requirements.

To the OP, am going for a bit of tea, will come back to you on your question but you must understand us brokers can't make recommendations on the site, have a look at our signatures it will explain why.

MM

regularsaver1

bank statements would not be taken - payslips would

EDIT - sorry just saw you are self-employed - would take IR statement or accountants letter

AndrewSmith

MortgageMamma wrote:

Andy, if a senior underwriter confirms its being fast tracked and is low risk over the phone upon receipt of application, they are very unlikely the change their minds further down the line as I'm pretty sure they won't assess it more than once. Other than a change of policy between application and completion, or someones income looking unusually high for their occupation, I really can't think of anything that would trigger a sudden change in lender requirements.
MM

Unlikely I agree but not impossible, and it does happen without changes in lender policy etc.

This is why I always suggest that applications are submitted via the most appropriate route, complying with all the lender's criteria.

It is not just the underwriter who dictates whether income verification is required. I have had a couple of cases recently where they were confirmed as fast track but income details and confirmation were requested prior to offer as part of the lenders own internal autiting and compliance system, to justify responsible lending. This is becoming more and more prevelant with lenders now that the spotlight is being shone on such things as self cert and affordability.

To the OP.

You will of course make up your own mind what is the right thing for you to do. I respect that it is your mortgage and your money.

My point is merely to remember that Fast Track is not Self Certify and should not be used as a substitute or replacement for it, as the requirement not to produce income evidence is not a condition of the mortgage type, merely something the lenders may allow if they see fit.

I have been doing this long enough now to know what is and is not correct.

AndrewSmith

theone wrote:

Would bank statements of the regular income be considered acceptable as proof of income to Halifax? (I'm trying to find terms & conditions on their website, but not having much luck) If it's not, then it sounds a bit risky.

MortgageMamma: know of any self-cert mortgages that don't mind ex-local authority properties, at a reasonable rate and not a sub-prime lender? Maybe I need to go back to my broker and specify self-cert... so many options!

Thanks to you all.

Not normally. They would want an accountants letter, Inland revenue return confirmations or audited accounts.


Re: Self Certify mortgages

Abbey are the cheapest with a 4.37% 2 year tracker £498 fee free val with £250 cashback

Or Abbey fees free 4.74% 2 year tracker, but they charge a £260 valuation fee and no cashback.

There are over 2500 suitable self cert products based on your figures, ex local authority property etc so there is no need for a broker to try and submit your case via a non suitable route. I will email you the list if you like (bear in mond this is just based on the raw data and figures and does not take into account the case specificts).

Andy

MortgageMamma

Agree with Andy, you shouldnt try to do this on your own and we cant recommend a particular mortgage for you on here. Abbey and Halifax (and Woolwich) fast tracks are not self certs they are full status but it is possible to do you mortgage this way, not without a little risk.

Some lenders which say they are self cert sometimes do income checks, for example GMAC. There is a little risk whichever way you do it.

MM

theone_4

AndrewSmith wrote:

There are over 2500 suitable self cert products based on your figures, ex local authority property etc so there is no need for a broker to try and submit your case via a non suitable route. I will email you the list if you like (bear in mond this is just based on the raw data and figures and does not take into account the case specificts).

The Abbey one sounds good. Yes, if you could e-mail me the list, that would be very useful.

Now I have to wonder why on earth a reputable(?) whole of market broker was trying to push me into a fast-track in the first place when there are other much more suitable alternatives. In fact, if I had gone ahead with the Halifax one, only to be declined after paying £300 valuation, I would be rather annoyed at L&C since I have been honest with them and told them everything the same as you guys above and yet they still recommendeded the fast-track approach rather than self-cert.

Thank you to all that have contributed (esp Andrew & MM). Self-cert it is.

Now I need a new broker! - I've lost faith in L&C now!! Or maybe I'll just go direct to Abbey for a self cert. Thanks all.

AndrewSmith

theone wrote:

The Abbey one sounds good. Yes, if you could e-mail me the list, that would be very useful.

Now I have to wonder why on earth a reputable(?) whole of market broker was trying to push me into a fast-track in the first place when there are other much more suitable alternatives. In fact, if I had gone ahead with the Halifax one, only to be declined after paying £300 valuation, I would be rather annoyed at L&C since I have been honest with them and told them everything the same as you guys above and yet they still recommendeded the fast-track approach rather than self-cert.

Thank you to all that have contributed (esp Andrew & MM). Self-cert it is.

Now I need a new broker! - I've lost faith in L&C now!! Or maybe I'll just go direct to Abbey for a self cert. Thanks all.

List sent.

Check your junkmail inbox as sometimes hotmail will bin any email with a pdf attachment.

Hope it helps

Andy

MortgageMamma

theone wrote:

The Abbey one sounds good. Yes, if you could e-mail me the list, that would be very useful.

Now I have to wonder why on earth a reputable(?) whole of market broker was trying to push me into a fast-track in the first place when there are other much more suitable alternatives. In fact, if I had gone ahead with the Halifax one, only to be declined after paying £300 valuation, I would be rather annoyed at L&C since I have been honest with them and told them everything the same as you guys above and yet they still recommendeded the fast-track approach rather than self-cert.

Thank you to all that have contributed (esp Andrew & MM). Self-cert it is.

Now I need a new broker! - I've lost faith in L&C now!! Or maybe I'll just go direct to Abbey for a self cert. Thanks all.

Like what constitutes fine wine or good art mortgages are sometimes a matter of opinion and theres a lot of grey areas and I wouldnt be too hard on your broker at L & C. We brokers do fast tracks in this manner quite a lot and its very unsusual for something to go wrong if placed with the right lender.

Good luck whatever you choose!

MM

theone_4

AndrewSmith wrote:

List sent.

Check your junkmail inbox as sometimes hotmail will bin any email with a pdf attachment.

Hope it helps

Andy

Cheers Andy - have found a comparative deal on the proper self cert list, so I'll be going with that. Thanks.

MortgageMamma wrote:

I wouldnt be too hard on your broker at L & C. We brokers do fast tracks in this manner quite a lot and its very unsusual for something to go wrong if placed with the right lender.

Good luck whatever you choose!

MM

If the L&C broker had been upfront about the situation then I'd agree, but in this case he wasn't - he neglected to mention the risk, however small it may be, it is still a risk - my risk, not his. I'm sure you're right in that it would've most probably worked, but like you said, I can get a very similar deal on a proper self-cert so i feel that's the better option for me.

Have I said thanks enough times on this post yet?? Oh, ok, once more...

Thanks to all!!

prioryscout

Hi I'm a new member was in your situation last year.I was asked last year when my mortgage application was fastracked on 75% Ltv for accountants letter.It was FA's mistake as he did not check the details we had an accountant but his qualifications were not recognised by a professional body so it did not go any further from Bank of Scotland.we had to increase our deposit to LTV 70% and no checks were made with bank of Ireland who had a true self-cert mortgage on offer than but we were asked about our accountants contact number but accountant confirmed no checks were made. I'm not aware of the rules of this forum sorry if I posted in the wrong place,or interrupted anything.