Self Certification, Secured or Private Mortgages?

holly_hobby

bugged wrote: »

Of course I have bank accounts.

Good - thats a plus on your credit file.

bugged wrote: »

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.

Presumptious in the extreme ... and highly offensive to anyone who is a bank adviser, who do have senior advisers to deal with HNW clients (if you are classed as one of course)

bugged wrote: »

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

So you don't receive an income from the properties you own - I see why you would like a self cert mortgage then.

The plot thickens ... :cool:

Holly

bugged

GMS wrote: »

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 can see you read between the lines.

GMS wrote: »

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.

This is only £100k. Repayments will be what..... £500-£700 a month? This will be a residential home and we pay more than that in rent now. I have one building I bought in the 90's that generates more than that in rent. I could make those repayments without even getting out of bed.

The repayments are back pocket money. Its the UK years-old financial history, and not being a text book case that is lacking.

The plot thickens ... :cool:

Holly, I dislike the insinuation, and I suspect you are getting out of your depth here. Hush in the cheap seats huh?

GMS

Not having a current residential property (if I am reading correctly) would possibly be looked upon negatively.

If you class repayments as back pocket money then the obvious answer is to prove this. You cannot avoid tax on one hand and expect to be able to use the income on the other. If I had £700 per month as pocket money I would be a very happy man.

If your rental property is bringing in enough money and it is unencumbered then why not look to use this?

You seem to be looking at any other way but this, stating a common sense approach is needed. Unfortunately we are in a tick box world of financial services so if you fall outside you will struggle.

Holly is offering her opinion in order to try to help you so any suggestions of her abilities are grossly unfair. You came here looking for advice and if the advice does not give you the answers you want then it is not right to have a go at an individual. You are free to seek paid advice should you choose, although getting the same answer at a cost may hurt more.

Without knowing your full circumstances any suggestions you may receive will be of little use to you.

I hope you get what you are looking for but please be prepared for the truth as well as the answer you want

bugged

GMS wrote: »

Not having a current residential property (if I am reading correctly) would possibly be looked upon negatively.

Our current residential property is rented.

GMS wrote: »

If I had £700 per month as pocket money I would be a very happy man.

You are a mortgage guy? I think you are being modest for the benefit of the readers. Most of you guys earn plenty. And quite rightly so. Profit is not a dirty word nor something to be shy about.

GMS wrote: »

If your rental property is bringing in enough money and it is unencumbered then why not look to use this?

Use it for what? I am happy to use it as security. I don't want to live in any of them.

GMS wrote: »

Holly is offering her opinion in order to try to help you so any suggestions of her abilities are grossly unfair. You came here looking for advice and if the advice does not give you the answers you want then it is not right to have a go at an individual.

I do not know Holly or what she does. I merely responded to her comment.

GMS wrote: »

You are free to seek paid advice should you choose,

I do choose. Observe my reply to you in the other topic about your website.

GMS wrote: »

Without knowing your full circumstances any suggestions you may receive will be of little use to you.

That is the risk of a public forum I guess. However, one does not seek to lay out ones entire history, assets and financial structure for the site faithful to declare "the plot thickens" on the strength of it.

I am trying to release information on a need to know basis here.

bugged

holly_hobby wrote: »

Ps .. Whats wrong with an ASDA payslip ?

Likely not enough zeroes on it honey. Rather like my credit file. :rotfl:

holly_hobby

bugged wrote: »

Holly, I dislike the insinuation, and I suspect you are getting out of your depth here. Hush in the cheap seats huh?

How dare you .... I suspect I have a fair idea of whats going on, with the experience to spot it a mile off .... hence your immature and defensive response, and no reply to the qs raised :cool:.

And as for getting out of my depth .... well I won't even dignify that with a comment ....

You came for help as you don't have a clue where to go, and don't like the fact that you are not hearing what you want ...








the facts appear to be, (that is from the info you have divulged )

• you have a number of unencumbered properties - so no mge history
• you have "minimal" credit history
• you say you rent the properties out
• then its not you who rents them out and receives income, but through a corporate entity which has " no effect on you personally". So it appears you receive no income or divs from your investment (interesting arrangement !).
• although you could remortgage one of the unecumbered properties, you apparently can not meet any proof of income requirements inc conf from HMRC of payment of inc tax, as the corp entity tax is paid through "no effect on you personally" - which I take to be, any income withdrawn isn't formally recorded for inc tax purposes.
• apparently you don't want to approach a commercial lender who may consider the arrangement you propose..
• it seems you want 100k finance, shortterm of course, and want to use another property for security ... with you being able to cover £700 pm from one of your rentals "without (you) even getting out of bed". (although you have prev stated re accounts, that the rental properties "have no effect on you". i. e you appear to receive no proveable income form them.
• and .. despite all of the above, and a possible solution being found with your own bank whom you already have a relationship with, you don't want to go involve them, as in your opinion, they simply couldn't be qualified, experienced or clued up enough, to even have a hope of understanding and satisfying your requirements, which would be far beyond their capabilites.
• ......
• you want a miracle ....

Best of luck with that ...


H

bugged

Holly, take a chill pill. Calm down dear.

Holly wrote:

*although you could remortgage one of the unecumbered properties, you apparently can not meet any proof of income requirements inc conf from HMRC of payment of inc tax
*apparently you don't want to approach a commercial lender

I didn't say any of those things - you made them up.

I am not here for flame wars. I have no time to battle with faceless internet people. If we have a misunderstanding, we discuss it like adults OK? Lets start over and try to have a productive discussion?

holly_hobby

bugged wrote: »

(1) "although you could remortgage one of the unecumbered properties, you apparently can not meet any proof of income requirements inc conf from HMRC of payment of inc tax"

"apparently you don't want to approach a commercial lender"

I didn't say any of those things - you made them up.

I am not here for flame wars. I have no time to battle with faceless internet people. If we have a misunderstanding, we discuss it like adults OK? Lets start over and try to have a productive discussion?

Really ??

You asked for a self cert lender - and you own numerous properties, all unencumbered. (which rules all BTL lenders out who don't require proof of income for a portfolio landlord i.e Kensington for 1).

There are currently no s/c lender about .. so to think of a way round the issue ..

I suggested that although you may have no traditional s/e books, you should as a portfolio landlord, either have Ltd Co books or HMRC proof of income/inc tax paid - your response to this was...

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

(Thereby inferring you take no income from the portfolio and have no HMRC proof of inc tax. (of course you now say, that income from just one of your properties gives you more than £700 pm ...

so you do recieve income, which begs the obvious q why your submitted books to HMRC don't show this, if as you say your submitted books for your portfolio "have no effect on you personally")

Southcoast - gave a suggestion that "High street banks do commercial lending if the figures stack up"

Your response to their very valid suggestion ...

"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".

Eh .. yes ... thanks for taking the time to have some imput SouthCoast ...!!

My comment .... as to "the plot thickens" .. is in regards to differing or confusing info that transpires in each post, as to sources of income, set up etc.

It certainly appears that the info being given, may be selective, fair enough, but you can't expect valid and correct advice based on just what you want to reveal on a fourm.

As someone in the "cheap seats" .. who you infer wouldn't have a clue on how to place this or help you ... I'll bow out now.

Just a word of advice - as a newbie seeking help & assistance, may be an idea not to bite the hand that feeds ...

If you don't agree with a professionals or anyones input, then just don't accept it, you see making personal, offensive or sarcastic responses to the poster you either don't agree with, or isn't singing your tune ..... will neither endear you to the board nor gain you responses ... quiet the opposite in fact.

H