Selfcert morgages can you still get them

Bunky

Hi could some one tell me if you can still get a selfcert morgage.I need to get one asap if they are still available.I have two jobs one that i can prove the income and one that i cant.The first job i run a retail shop that is going down hill fast thanks to the ressesion so i will have to call it a day.The problem is i have a secured businuss loan against my house so the only way i can call it a day is a remorgage to pay depts off any help would be great thanks B.

Yorkie1

No, you need to be able to prove income these days. I also suspect that the secured business loan might cause problems for any remortgage, but hopefully others will be able to give better comments than me.

Bunky

Hi thanks for your reply.Sorry i have a secured loan in my name that was used for my business.

Bunky

Is there no selfcerts that take your word on it any more i do have other incomes as well that i cant prove though.

shortchanged_2

Bunky wrote: »

Is there no selfcerts that take your word on it any more i do have other incomes as well that i cant prove though.

How do you have an income that you can't prove unless it's illegal?

handytips

You can still get Self cert secured loans, however i would recommend that you should get your accountant to show your income, projections etc. There may be one or two lenders who would look at your situation. But you really do need to be able to prove all income.

Conrad

Bunky wrote: »

Is there no selfcerts that take your word on it any more i do have other incomes as well that i cant prove though.

There are lenders who can take a view. Also there is private funding not regulated by the FSA, as long as you have lots of equity, but these private loans are short term affairs and very expensive (for example borrowing £20k, you pay back £40k in 1 year at term end - there are no monthly repayments). This type of loan suits few people though.

koexelek

shortchanged wrote: »

How do you have an income that you can't prove unless it's illegal?

Most lenders won't take an income into account until it has been in place for at least 1 or 2 years...

.. so if someone has a relatively new self employed venture, they will be classed as unemployed as far as most lenders are concerned

_Andy_

Bunky wrote: »

Is there no selfcerts that take your word on it any more i do have other incomes as well that i cant prove though.

Why can't you prove the incomes?

Bunky

Hi Andy
My other half breeds animals at home this brings in a small income i also do a bit of extra work besides my fulltime job but have only been doing it for a few mths so no accounts yet.

leveller2911

Bunky wrote: »

Hi Andy
My other half breeds animals at home this brings in a small income i also do a bit of extra work besides my fulltime job but have only been doing it for a few mths so no accounts yet.

Hope its not a puppy farm or Birds of prey........

All a bit cloak n dagger IMO............