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is self certification dead?
indiaolivia
Posts: 1 Newbie
I own 50% of my house (around £150,000) on a self certification mortgage, I have a perfect repayment record over many years but my accounts would not show enough income to get a non self cert mortgage.
I know I can pay I always have and have lodgers, what are my options? what about buy to let?
I know I can pay I always have and have lodgers, what are my options? what about buy to let?
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Comments
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You won't be letting it though if you live there will you?
You will probably have to stick with your existing mortgage (and provider) if you cannot afford to re-mortgage.Thinking critically since 1996....0 -
Your options are probably to stay with your present lender. You can't have a buy to let on a house you live in.0
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Out of fairness - it appears OP has lodgers (recognised by Government/MHRC [Rent a Room Scheme/Accesskeys System] and by a few lenders as an income source for affordability) rather than 'letting out/buy to let'.
In answer to the original question - 'self certification' is dead.
Impossible to answer whether the OP has any chance of remortgaging - it is a fact of life that the self employed have been caught out almost enmasse where the purpose of accounts was 'reduce tax liability' and overnight became 'prove creditworthiness on income'.
It is possible that (but by no means guaranteed) current lender will offer a new deal without full underwriting if no further borrowing required, but any extra borrrowing, extension of term, change of status and/or new lender will have to be accessed on standard affordability.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Senior_Paper_Monitor wrote: »It is possible that (but by no means guaranteed) current lender will offer a new deal without full underwriting if no further borrowing required, but any extra borrrowing, extension of term, change of status and/or new lender will have to be accessed on standard affordability.
Virtually all lenders will let you choose a new deal within their range without any form of further underwriting whatsoever.
Trouble is, a lot of the old self cert lenders on longer do new lending, so the borrowers only option is the SVRI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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