Would this be classified a sself cert?

Chris_P_2

recently changed my business model from being a sole trader to having a ltd company, and made a few other changes rehggards to work undertaken. So i have no accounts for the comoany as yet.

Now, will i be classed as self cert, or would my previous 3 years be used as income affordability?:money:

_Andy_

There is no such thing as a self-cert any more.

opinions4u

:money:

Am I the only one who really hates this thing?

Thrugelmir

opinions4u wrote: »

Am I the only one who really hates this thing?

No.................:mad:

Chris_P_2

_Andy_ wrote: »

There is no such thing as a self-cert any more.

Yes there is. They havent been outlawed yet, in fact 43% of mortgages offered in the last quarter were self cert.

So would it be classed as self cert or could i still apply on my previous earnings?

ta

opinions4u

Chris_P wrote: »

Yes there is. They havent been outlawed yet

So which lenders are offering them? No law against offering them. Just no funding to support them.

in fact 43% of mortgages offered in the last quarter were self cert.

Don't talk nonsense. At no stage, ever, have 43% of mortgages offered in this country been self-cert.

So would it be classed as self cert or could i still apply on my previous earnings?

Possibly. See a broker and see how far you get.

payless

this 43% came up in another thread... https://forums.moneysavingexpert.com/discussion/2744602=

unfortunately most of the posters did not seem to understand difference between self cert cases and cases where the LENDER did not verify income ....
even today many of my clients are "fast tracked" , but thats not to say I haven't checked income nor that the lender hasn't performed other employemnt/ reasonability checks

payless

that said - if OP can find a lender who will look at case on individual basis and there is little other change to business then using Sole trading accounts may well be acceptable

luckyfool

Chris_P wrote: »

Yes there is. They havent been outlawed yet, in fact 43% of mortgages offered in the last quarter were self cert.

So would it be classed as self cert or could i still apply on my previous earnings?

ta

There are no self cert mortgages left, none, nada, zip. It might conceivably be that 43% of mortgage applications did not have income verified last quarter, though that seems very high, however even then that would be decisions by lenders on individual applications whether they consider them low risk enough to fast-track the processing without documentation. In those scenarios they still insist that you be able to prove your income if required and brokers are required to get the income verification on file before submitting the case as the lender can come back up to 3 months after completion.

The types of cases that still fasttrack are typically employed paye people borrowing 2 times income at below 60% loan to value. A self employed application is 99% likely to require income verification.

GMS

Chris_P wrote: »

Yes there is. They havent been outlawed yet, in fact 43% of mortgages offered in the last quarter were self cert.

So would it be classed as self cert or could i still apply on my previous earnings?

ta

Chris P
Could you please let us know who is offering self cert mortgages?
You seem to have confused self cert and fast track, although to be fair the FSA have done the very same thing and they (supposedly) regulate the industry!!

So you would not be classes as self cert due to there being no self cert available.

As opinions4u suggested, you would benefit from speaking to a broker, preferably 'Whole of Market'.

Chris_P_2

Simon on BBC breakfast (or the guy he was interviewing) gave that figure.