Best deals for self cert..

Deals_2

i am self employed. had a baby which took me out of work for a while but now tryign to set up again. i have some equity about 50K . would like to buy something from £150K upwards. what do i need to get a mortgage? what proof of income as I can only give an estimate at this stage and is this sufficient.
if buy in with someone else would salary multiples is it exactly particularly if they are self employed too. does one really have to proove income?
i read that mortgage express are the probably the ones to go for from another person's posting. thanks again.

Conrad

Deals wrote:

i am self employed. had a baby which took me out of work for a while but now tryign to set up again. i have some equity about 50K . would like to buy something from £150K upwards. what do i need to get a mortgage? what proof of income as I can only give an estimate at this stage and is this sufficient.
if buy in with someone else would salary multiples is it exactly particularly if they are self employed too. does one really have to proove income?
i read that mortgage express are the probably the ones to go for from another person's posting. thanks again.

You must self certify, that is self declare your income level on an application form.
Keep in mind that many self cert schemes require a verbal or written reference from a suitable accountant in order to confirm details such as how long trading. Some such as Chelsea self cert will want the Accountant to go a lot further.

Others such as Kensington require a person has only to have been in business 1 day but of course the rates reflect thier looser criteria.

As for multiples its getting to be an impossible question as many lenders now use affordability calculators. As a very rough guide about 2.75 x joint income or 3.5x single income tends to be a typical benchmark.


Your other thread on the older couple is immensely complex. There are many ways to approach it so asking for best APR is like asking 'wahts the best holiday location' - everyones notion of best will differ.

herbiesjp

Being self employed does not automatically mean you have to go for a self cert mortgage.

Depending on your actual circusmatnces you may be able to get high street rates.

Before applying to any lenders that may have been mentioned please have a word with a fee free whole of market mortgage adviser and let them see if they can get a high street deal for you first.

HTH

Deals_2

know that much on APRs apart from the fact that you need to look at the overall figure.

Conrad wrote:

You must self certify, that is self declare your income level on an application form.
Keep in mind that many self cert schemes require a verbal or written reference from a suitable accountant in order to confirm details such as how long trading. Some such as Chelsea self cert will want the Accountant to go a lot further.

Others such as Kensington require a person has only to have been in business 1 day but of course the rates reflect thier looser criteria.

As for multiples its getting to be an impossible question as many lenders now use affordability calculators. As a very rough guide about 2.75 x joint income or 3.5x single income tends to be a typical benchmark.


Your other thread on the older couple is immensely complex. There are many ways to approach it so asking for best APR is like asking 'wahts the best holiday location' - everyones notion of best will differ.