mortgage help

bolton214

hello everyone
i have had a self certification mortgage for around 3 years and obviuosly paying high rate, was wondering whether it,s possible to change to normal mortgage now.

nomoneytoday

It's probably worth seeing an IFA

koexelek

Of course it is, as long as you can prove enough income to service the loan.
Check if there are early repayment charges on your current deal first though, as that might eat up any savings you are likely to make by swapping deals

getmore4less

bolton214 wrote: »

hello everyone
i have had a self certification mortgage for around 3 years and obviuosly paying high rate, was wondering whether it,s possible to change to normal mortgage now.

Income and LTV will be the main factors.

bolton214

income enough to cover loan and around 50% ltv , do you think the bank would just swap us to their standard rate .

herbiesjp

Doubt it if you are tied in - you would automatically go on to the follow-on rate once your fixed rate has finished though.

You must have 3 years accounts by now.

What are your NET profits (if sole trader)?
What is the mortgage amount needed?

bolton214

not tied into fixed rate, on srv. no longer self employed, can prove income with payslips for last 30 months . mortgage amount needed about 59,000.

herbiesjp

Ah right - you wanted to swap onto the standard rate, but you are on it already.

And your salary is?

I doubt you will have any problem getting a high street deal assuming good credit history and low debts.

bolton214

joint salary around 30,000, although on svr it is quite high because it self certificate. this is with bank of scotland. i wondered if they would now let me have a deal with the halifax without having to remortgage.