Self Certification, Secured or Private Mortgages?

bugged

Do self-certification mortgages still exist? If so, who does them?

Where does one obtain private mortgages?

I am looking to get a 50% ish LTV ratio mortgage, but am not a standard textbook case; so there is no point in trying high street banks.

I do have several other outright owned properties (that far exceed the value of what I want); any of which I can put up as security. I only need about £100k.

I gather some private banks cover this end of the market. Anyone know which ones?

Ideas, recommendations and sensible suggestions welcome.

SouthCoast

High street banks do commercial lending if the figures stack up.

handytips

What are your other properties doing ? Are you letting them out ? If so you can raise the money against the unencumbered properties on a buy to let basis. The buy to let mortgage is worked on the rental yield etc, if you a pro landlord then i do not see any problems getting the money as long as your credit history is spot on. Private mortgages are fraught with danger as they can call the loan in at any time, beware of that if i were you.

bugged

The other properties are let out.

My credit file is minimal as I don't use any borrowed money as a rule. Having just started a new company, I don't have several years accounts either.

Hence my approach for any non standard/non high street options.

bugged

Is that crickets and snoring I hear? :rotfl:

What I need really is a place that you can talk to a bloke, show him some numbers that stack up, and maybe some security, and come away with a deal.

What I don't want is a teenager in a fat tie, full of hair product, abusing reflexive pronouns, ticking boxes on a computer screen.

I want a conversation with the bloke with the chequebook. Does that still exist? I suspect at only private banks.

GMS

handytips has suggested a possible option for you although almost all Buy to Let lenders now want to see a minimum income.

Equity no longer means freedom to borrow.

Thrugelmir

bugged wrote: »

What I need really is a place that you can talk to a bloke, show him some numbers that stack up, and maybe some security, and come away with a deal.

If only business life was so easy.

bugged

GMS wrote: »

Equity no longer means freedom to borrow.

In a sensible world, that is an oxymoron really isn't it?

Our properties are enveloped in ownership vehicles way too complex to go into here, but any one could be released to any person or entity [that satisfied a lender] in a heartbeat for the purposes of security.

My reading suggests three months of Asda payslips and a few zeroes on a credit file trumps someone with proper income, proper solid equity and less of a credit file.

Isn't life strange? Where did the common sense go?

holly_hobby

You have minimal credit history you say ... and you say you want to speak to someone who can make decisions ... I presume you have a bank account .. so that's where you start (as at least they will have some history of you as in individual).

The Mortgage Works don't ask for proof of income (but reserve the right to do so) - however I am unable to comment upon whether you would pass a credit score with them, due to your financial history,.

If you also don't have a bank account ... minimal or any credit history .. and several unencumbered properties ... well that will be sticky for ANY financial institution to consider.

Further to which, although you have asked for self cert, as income tax should be being paid to HMRC on the rental income on your numerous properties (and you would be deemed as a professional landlord by a mge lender), you can prove taxable income if reqd (with either accounts or HMRC confirmation of tax paid).

Hopefully you do bank with someone, and thats where you start.


Hope this helps

Holly

Ps .. Whats wrong with an ASDA payslip ?

GMS

Not really an oxymoron as equity cannot maintain monthly payments.

Repossession is not a valid repayment method, and for the best really. I do not know your financial situation but it is clearly not as vanilla as a lender would like.

The demise of self cert has caught out many a finacially astute individual who took advantage of many available processes to minimise liabilities, quite legally. Now lenders want to see x amount of income or no go.

I could potentially arrange finance for you tomorrow but you need to look at the longer term. Plenty of options available for equity rich non residential clients but no point in entering into a short term solution unless there is a longer term option available.

bugged

Of course I have bank accounts.

However, a high street bank will only be interested into shoving you into their products and will involve people who are inexperienced and/or unable to deal with non standard cases.

Our HMRC dealings regards properties are on a corporate basis. They have no effect on me personally.

The Mortgage Works don't ask for proof of income (but reserve the right to do so)

Thanks. I shall go and Google them.