Self certification mortgage

Mrs_Arkwright

Hello

We've had our house valued today and are looking to put it on the market within the next couple of weeks.

I'm employed part time, and Mr A is self employed, but only since November 05, therefore we don't have much in the way of accounts. I've googled for self certification, but there is so much information, it's hard to tell what is good and what is not.

Does anyone have any recommendations or advice on how to find a decent self-certified mortgage, what we should be looking for in a company and what sort of documentation you have to provide?

Thanks

silvercar

Why not see a good mortgage advisor, they will know which lenders will look favourably on your circumstances.

AndrewSmith

It will depend on your situation as a whole to determine whoch lender is suitable for you.

There are a number of mainstream lenders offering self certification products to certain clients depending on the case overall.

Post some details re mortgage/property value, any adverse credit etc etc and lets see.

Andy

Mrs_Arkwright

AndrewSmith wrote:

It will depend on your situation as a whole to determine whoch lender is suitable for you.

There are a number of mainstream lenders offering self certification products to certain clients depending on the case overall.

Post some details re mortgage/property value, any adverse credit etc etc and lets see.

Andy

Thanks.

We will get £125K for our house, I'm reliably informed by the estate agent. We will need to spend between £140-£150K to get the sort of property we need. We currently owe £74K so we will have roughly £50K in hand, but will have to pay fees etc out of that I assume.

We don't have adverse credit, but are paying off loans and cards currently. But we've never defaulted on anything.

Mr A is a self employed plumber. It's hard to say how much he earns, as we kind of take a wage as and when - if he's got a big business expense coming up, we take less, if he gets a big job we take a bit more.

In his first couple of months, he obviously had large expenses like the deposit on the van etc, so didn't make much money. Since being self-employed, he's taken £7100 in wages.

I am employed part-time earning £7200.

We get child benefit of £126 per month and tax credits of £221 per month.

hethmar

You need to see a Broker - they will be able to find the best deal for you and explain the ins and outs - its no good guessing at things - get onto a local broker for the facts.

Good luck.

jyonda

Absolutely, we went to a broker who placed us with a true self cert lender and worked hard to get us a mortgage despite no accounts and a foreign passport. The rate isn't the best but we can fix for a couple of years then remortgage with a mainstream lender. Don't try sorting it out yourself, let them do the legwork for you. Our broker will make his money on the deal as and when the mortgage goes through so for now has cost nothing and I certainly don't begrudge him his commision as he saved a lot of stress for us and made our dreams possible!

Mrs_Arkwright

We will indeed be consulting with an advisor - I thought I'd have a bit of a look around as well just so I know what is available.

It's true though isn't it, that moving is one of the most stressful times of your life! I've had enough already, and I haven't even got the sign up outside my house yet!

MortgageMamma

Don't worry Mrs A

I'm sure it will all work out for you. Rather than just looking at your husbands drawing from the business, it would be useful if you could quote the net profit overall, on an annual basis. I know this is hard to determine, but net profit isn't just the money you spend, it can be the money you keep within the business to cash flow it as well.

Judging by your husbands drawings (even if his drawings are grossed up) and your salary and CTC's I think it would be quite difficult for our to get a £150k mortgage.

Mrs_Arkwright

MortgageMamma wrote:

Don't worry Mrs A

I'm sure it will all work out for you. Rather than just looking at your husbands drawing from the business, it would be useful if you could quote the net profit overall, on an annual basis. I know this is hard to determine, but net profit isn't just the money you spend, it can be the money you keep within the business to cash flow it as well.

Judging by your husbands drawings (even if his drawings are grossed up) and your salary and CTC's I think it would be quite difficult for our to get a £150k mortgage.

We wouldn't need a £150K mortgage, that's the price of the property we would be looking for - we would be needing a mortgage of about £100K.

We've had further discussions and are now also considering renting for a bit to get a bit more accounting history behind us.

So many decisions!

MortgageMamma

Ahhh well if you are only looking for 100k then that is totally doable!