Self-certification mortgages - any brokers reading this?

bud-miser

Am looking for the absolute rock-bottom (i.e. best!) deal on a self-cert REmortgage, to start early December at the end of my current tied period. Martin's preamble has mentioned that some brokers actually look in on thie website, so I'd be grateful for a word from the wise.

My own research (i.e. Google!) has led me to believe that the recently announced Mortgage2000/UCB 4.99% tracker is the best offer going. Any opinions? Ideally, I'd like the security of a fixed rate - but, needless to say, am not too keen on the extra cost. Again, any thoughts here?

herbiesjp

Any particular reason why self cert cert is needed?

How long have you been with your current lender and who are they?

What is the property value?

What is the mortgage amount needed?

What is your income?

bud-miser

herbiesjp wrote:

Any particular reason why self cert cert is needed?

How long have you been with your current lender and who are they?

What is the property value?

What is the mortgage amount needed?

What is your income?

Ok...

1. Since my last remortgaging (in fact, very recently) both my wife and I have gone self-employed and have no accounts worth the showing.

2. Property value is c£300k.

3. Sum required is c£175k.

4. Projected joint income from all sources is c£40k - £50kpa

NB I'm looking to self certify and I mean that in the truest sense. No evidential stuff of any kind available!

herbiesjp

How long have you been self employed?

This will impact on which lenders you will be eligible for

MortgageMamma

Hi Bud-Miser

Have you checked what your existing lender will offer you? It could save time and hassle remortgaging if it is competitive enough. Who is your lender?

MM

bud-miser

To answer the questions:

We've been self employed for a couple of months and, as mentioned, there are also only a couple remaining before the end of my current tied period. I desperately wish to avoid paying my current lender's SVR, it goes without saying.

Said lender is the dear old Abbey, a body renowned for being top of the pops when it comes to the dishonourable art of NOT allowing current customers access to its best rates, or so I'm led to believe. I'd be quite happy to hear anything to the contrary...

MortgageMamma

Yeah they are not the best at customer retention but my point is it might be more competitive to stay with abbey on a full status product rather than having to self cert and remortgage - at least check it out, trust me, I know what I'm doing - once you know what Abbey will offer you then and only then should you bother looking at other lenders.

Kind regards

Mortgagemamma

payless

The lady speaks the truth

bud-miser

Thanks for the answers so far.

I'm sure everyone - including MOI - is doing their best to 'speak the truth' here.

Nevertheless, it is more than somewhat obvious that my original question seems to remain curiously unanswered.

Let's assume for a bijou, teensy momentette that the Abbey does not come up smelling of roses exactly... or to put it another way, let's assume that the Abbey puffs miraculously out of existence at the end of my tied period.

Whom does one approach most profitably for a SELF CERTIFICATION MORTGAGE, given my circumstances..? ... or am I asking for rocket science here?

payless

are you looking at borrowing more than currently o/s to abbey?

payless

I would not consider placing a self cert without at least 6 months self employed history, - if not longer - and only then after a satisifying myself that income stream was realistic.. projected is not enough