Self-certification mortgages - any brokers reading this?

bud-miser

Ok guys, I DO realise I am asking you to accept certain assumptions. Nevertheless, since almost ALL the advice I've seen on this site is, quite understandably, premised on a bit of guessing and assuming, I'd ask you to plunge on and give it your best shot.

Please assume I shan't need more than the stated £175k.

Please assume the joint income is (only) £45k pa.

homer_j_3

bud, the people on here are only trying to look out for your best interests. I get the impression that you are not being fully upfront with the facts but that is your choice.

Most mortgage companies will want at lease 12 montha trading before they will consider you on a self cert basis, however there are quite a few that will take none or minimal time of trading - the point being is that those that do not are the least competetive. So you asking for the rock bottom deal may not compete with what your current lender will do. People are not being awkward in their answers just honest.

As advisers - we cannot tell you what YOUR best deal is because we do not know YOUR circumstances fully. There is no point saying lender x,y or z when lender a may be better knowing the full facts...

MortgageMamma

Ok - on the face of it, if you really want to do this mortgage on your own without taking professoinal advice which I think is a big risk on your part, BM solutions, & The Mortgage Works MAY be able to help.

I fully support what homer_j says above, and I'm not saying these are the right ones for you, they might not be , but if its names of lenders you want then thats what I'll give you. Now I don't want my head jumped on with people saying I am irresponsible giving you the names of these lenders, I am doing it purely to stop you applying to lots of lenders blindly and getting turned down/costing yourself money, as I hate to see anyone hanging themselves.

But, there is no reason why you shouldnt run this past an advisor and get some advice at this stage, try one of the free telephone based ones like L & C, or Moneyquest for example and see what they say. But before you do anything, ask what Abbey will offer you, you might be suprised.

Best of luck

MortgageMamma

bud-miser

Thank you MorgageMamma. At last, some help... of sorts.

Homer-j, I'd like to ask you what kind of mortgage broker it is who does not understand the term 'self-certification'. You say you are unable to offer advice because you do not understand my circumstances fully. Now, forgive me for being dense but aren't non-status mortgages designed PRECISELY for people who are unable to produce evidence of financial circumstance?

I, ME, MOI, PERSONALLY do not know 'my circumstances fully'!! That surely is the name of the game with the newly self-employed, no? It is just a sad co-incidence that I find myself needing to remortgage in the near future.

I feel a certain resentment at having accusations of 'not being upfront with all the facts' levelled at me - when all I'd done was to ask a straight question and give the facts, however briefly, such as I knew them.

If there is any criticism to be made here, then I would point to the PAINFULLY, not to say suspiciously, long time it has taken to get any kind of answer out of supposed 'advisors' on this one.

Methinks I shall betake myself to have a re-read of Martin's comments as to the advisability of going through middlemen...

payless

Methinks the brokers will really be upset at not having you as a client

bud-miser

Spot on, Payless! Methinks there is a possibility that self-cert 'clients' don't bring 'em their usual commission levels... and hence the lack of interest in replying to my enquiry...

payless

how wrong you are.. commissions on self certs are approx 50% higher

The fact that the suggestion ( to speak to Abbey first .. 0800 587 2760, ) would earn them nothing says it all

herbiesjp

bud-miser wrote:

Spot on, Payless! Methinks there is a possibility that self-cert 'clients' don't bring 'em their usual commission levels... and hence the lack of interest in replying to my enquiry...

Sounds like the brokers on here are being 100% honest with you about your best moves, but for some reason you do not want to follow the suggestions

itsbeef

I think criticising those who offer advice is a little harsh........

Taking out any mortgage/loan is a risk but if educated and impartial advice is available dont knock it!!!!

bud-miser

Words like 'hornets' and 'nest' come to mind. I would point out that:

1. I STILL haven't had a truly direct answer to my direct question

and

2. It was ME who was first in line for (unfair) insinuation.

Please read the whole thread before you seek to offer unhelpful comments.