Self-certification mortgages - any brokers reading this?

payless

you had NO RIGHT whatsoever to assume that I would necessarily immediately make an application for any particular type of mortgage

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

thats just over 3 months .

MortgageMamma

Budmiser, lets look at this for what is really is:

You asked a series of questions

I, and others attempted to assist

YOU wanted more specific guidance

I, at the risk of being thought of as irresponsible gave YOU the answers to YOUR questions as soon as I saw the thread. I do not sit here all day reading this site you know.

YOU, rather than graciously accepting the FREE ADVICE and guidance, that I and OTHERS offered you, decided you would make derogatory comments about those so kind as to help you. A slap in the face you might say.

So, if YOU can find ANYTHING derogatory or offensive in the guidance or comments I have benefitted YOU with, then feel free to report me to the forum administrators, because I am confident that in reading through the thread they will see that you have indeed provoked this reaction.

homer_j_3

bud-miser please calm down. You are only winding yourself up.

You asked about a prouct and asked for us to tell you what the best deal was.

The brokers on here told you that we could only do this with full disclosure of the facts but the first place should always try is with your existing lender as the abbey is a good lender and will be better than most self cert lenders out there. The cost of remortgaging if they will allow you will should be significantly less that with another lender - thus meaning paying a slightly less competetive rate compared to the new borrowers means you are still better off than paying all the fees to do a remortgage.

You then gave the impression that you knew what the abbey would say or offer and ignored the advice of the "wise" as you so politely put it.

You then asked for specific advice on self cert mortgages to which I have tried explaining that we cannot do without full disclosure of the facts so I could understand your circumstances. I asked this not to annoy you or ignore your question but to try and point you in the right direction. You chose not to accept this offer and asked for the name of some lenders to which mortgage mamma provided you.

You then tell us that we are still not answering your questions. I then explain my reasons for asking my questions and the need for you to answer mine. Once again, you tell me that us that we are not helping so I try and put an analogy on the situation. This gets thrown back at me because I am being misleading? You tell me that if you had a list, you would be able to work out the best option - I did this for you and I even gave you some tips to watch out for.

You then take it upon yourself to threaten reporting us to the admin team for questioning you to try and help you. Yes we feel that you are failing to understand our position as much as you feel we are failing to understand yours but if you cannot work with us then dont insult and threaten us.

We cannot tell you the answer you want as the answer will differ from person to person as their circumstances will be different each time.

Go to your lender and explore the options there - once you have got that either do research and try and find a better deal or go to a professional and fully disclose your circumstance and let them do their job without questioning it.

Joe_Bloggs

I thought that those that answered in this thread did so with exemplary tact. I would have said seek medical advice as there may be some imbalance such as an adverse reaction to something. Perhaps everyone and everything. We are just bio-chemical organisms than have bad days and good days.
J_B.

MortgageMamma

ROFLMAO Joe. Are you having a deep and meaningful day? I've been trying to avoid those lately!



MM

Joe_Bloggs

There is a vacancy for the UN Secretary-General. I thought you were all bidding for selection. My observations are serious. Chemical imbalances can lead to emotional symptoms.
J_B.

jamesd

bud-miser, your initial question didn't say how long you had been self-employed. I expect that all or most of the recommendations you'd have received would have been wrong if the mortgage brokers had given you the best available self-certified mortgage based on that initial question, because I expect that they would have been ruled out by the lack of accounts or not having been in business long enough. For example, the underwriting criteria for UCB mortgages specify that "any self-employed applicant must have been in their current business for a minimum of 12 months", effectively ruling out the product you mentioned.

The brokers asked you questions because they needed to know the answers to make a decent suggestion.

They suggested asking your current mortgage lender because self-cert mortgages typically have significantly higher interest rates than regular prime mortgages and it may not pay you to switch if they offered a halfway decent prime deal.

Asking for best available self-cert deal then disclosing that you didn't have any useful accounts and had only recently become self-employed is enough to cause some wondering about your situation, since not having the accounts is a major limiting factor and some might be tempted to claim self-employment just after losing their job rather than as a deliberate plan.

A complaint to the board moderators will get you nowhere. As one of the brokers mentioned, they have to be very cautious here because of both the board rules and the law that would penalise them for giving certain advice without knowing all of the relevant facts. Worse, if they worked with someone who misled them, they could be held legally liable as well. That's the nature of the business they are in and the rules governing their conduct. Doesn't make it easy to respond.

If you're interested in trying to turn this discussion around, i suggest that you see what Abbey will offer you and proceed from there.

bud-miser

Wrong.

I answered ALL questions aked of me - and very promptly. STILL I was met with a barrage of implication that somehow I was not disclosing what was needed - despite the fact that NO further questions were put!

Quite simply, there appeared to be a resentment that I should even broach the subject in the first place. That, I shrugged off.

What HAS annoyed me is the impugning of my integrity and the blatant suggestion that I was being dishonest. Clearly these people think they can recognise a crook when they see one.

I have already emailed a complaint to the site management and it is now up to them as to whether they allow this kind of conduct on their boards.

I asked for the facts, nothing else. Implicit in that was the idea that I could be viewed as having the intelligence necessary to arrive at my own decisions based on those facts. It seems obvious to me on re-reading the thread that this was not a concession they were prepared to make, quite apart from reading into my request the machinations of a dyed-in-the-wool villain.

The matter is out of my hands. I shall neither visit this thread again nor be asking any further questions of these alleged 'experts'. I don't enjoy being insulted gratuitously.

PBA

Looking at the link that homer_j posted, I'm surprised not to see any of the high street lenders on there. I know Abbey offers it's standard products on a self cert basis and would assume that the others do the same.

When you get your retention deal offer, remember that even though the rate might be a little bit higher than what's on the open market, there's no valuation or legal fees and probably a lower booking fee, plus you won't have a pay a deed release fee to Abbey either. Staying with your present lender with a slightly worse rate but lower fees is often the best deal, but of course a broker won't suggest this option as there's no commission in it for them.

tomstickland

I've read this thread a couple of times now.
The brokers on here have given their advice on this situation and I think it's quite rude to then start ranting about not having the original question answered properly.

You can speak to fee free all of market brokers, such as London and Country and they will be able to advise you of suitable sef cert mortgages.
http://www.lcplc.co.uk/

Talking to Abbey is something to be done anyway.

Also, yes, sorry there is a certain level of suspicion of self certfied mortages, especially with projected incomes.

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

Surely you must have some sort of idea of income for the past few months?