Self Cert Mortgages

sambodidly

I currently have a Self-Cert mortage that was a fixed 2 year deal which comes to an end in August 2011.

I now self-certs have been abolished, but are there anything similar about?

Any advise would be much appreciated.

Thanks

beecher2

No - you will have to disclose your income and show accounts if you're self employed. Your present lender might be the best bet if this is likely to be a problem

Conrad

sambodidly wrote: »

I currently have a Self-Cert mortage that was a fixed 2 year deal which comes to an end in August 2011.

I now self-certs have been abolished, but are there anything similar about?

Any advise would be much appreciated.

Thanks

Some lenders such as Halifax offer a fast track service where you declare your income, but they retain the right to request proof. The FSA say this, on the matter of income proof where Brokers are concerned > A broker may reasonably accept a clients word for thier income, on a common sense basis.

Some brokers will take a clients word for it, particulalry where there is no increase in borrowing, although at the least the broker might want to retain some Bank statements for the client.

sambodidly

When my fixed deal comes to an end, I presume I will then go onto the standard rate with my current lender. Is that correct or will they need to still see my accounts?

Thanks

sambodidly

Ah Conrod, ive heard of the 'Fast Track' mortgages but wasnt sure what they were.

My house is worth around 140k, and I owe 75k and I wouldnt look to be borrowing more, just wanted to try and secure a deal at a fixed rate as im sure we all agree, the only way the interest rates are going is UP!

My accounts dont make for good reading profit wise, but I am very able to pay the mortgage :rotfl:

Conrad

sambodidly wrote: »

My accounts dont make for good reading profit wise, but I am very able to pay the mortgage :rotfl:

Thats what so amny puritanical types do not get. They say self employed people are fraudulent for over stating income when it comes to a mortgage, but what they fail to understand is you can quite legitimately take home £7000 per month, but your accounts can quite legitimately show a very low profit.

beecher2

Conrad wrote: »

Thats what so amny puritanical types do not get. They say self employed people are fraudulent for over stating income when it comes to a mortgage, but what they fail to understand is you can quite legitimately take home £7000 per month, but your accounts can quite legitimately show a very low profit.

I don't see how it is 'puritanical' to point out that this is mortgage fraud pure and simple, regardless of how people attempt to justify it.

Conrad

beecher2 wrote: »

I don't see how it is 'puritanical' to point out that this is mortgage fraud pure and simple, regardless of how people attempt to justify it.

A hard working self employed person has a right to own a home rather than be forced to rent from some lucky middle class landlord.

Business expenses such as 'use of home as office' are not real expenses but none the less have the effect of reducing profit.

Should we send millions of small business owners into the arms of landlords - how will this create an equal society, where opportunity is for all and not the priveledge middle class employed people only?

How will the economy get moving again if millions have thier hopes and dreams removed, by being forced to rent?

How will this in turn boost employment - lots of miserable business owners is not good for the rest of us.

beecher2

Conrad wrote: »

A hard working self employed person has a right to own a home rather than be forced to rent from some lucky middle class landlord.

Business expenses such as 'use of home as office' are not real expenses but none the less have the effect of reducing profit.

Should we send millions of small business owners into the arms of landlords - how will this create an equal society, where opportunity is for all and not the priveledge middle class employed people only?

Bit of an over reaction there. Self employed people can't have it both ways I'm afraid and many can get a mortgage without resorted to mortgage fraud.

koexelek

sambodidly wrote: »

When my fixed deal comes to an end, I presume I will then go onto the standard rate with my current lender. Is that correct or will they need to still see my accounts?

Thanks

correct.

Also, if you want to take a new product with your existing lender, you should not need to prove income either.

It is only if you want to change lenders or move house that you will need to prove income.