Self employed Santander customer on SVR

tightasagnats

I have an interest only mortgage with Santander on SVR of 4.24% following fixed rate which ended in June. They can offer nothing much better to me.

I am self employed and also PAYE in the NHS. This mortgage was arranged at a time when Santander fastracked people with good records and didn't ask for proof of income, but it was NOT a self cert mortgage. Previous mortgage was self cert.

Are there any options at all for people where proof of income is not available? I have excellent credit, never missed a payment on anything. Looking for 70-75% LTV. Can do repayment mortgage or I/O.

Many thanks.

GMS

Why can you not prove your income?

Fast Track is meant to speed up the application process, not replace the need for proof of income. Declaring income which you cannot prove is fraud. Any lender allowing fast track would reserve the right to ask for the proof at any time, even after completion.

Entering information on to an application which is not true or proveable will lead to a load of trouble and hinder any future finance applications.

tightasagnats

You may wish to check the tense I used. I didn't say I could not prove the income in the past, at the time I was not asked to - and that saved some paperwork which was helpful.

That is not fraud. I could have supplied the proof together if needed.

Presently some of the income I get is from family, and therefore not earned income, and not on my accounts. Before you ask a lump sum gift os not possible. My earned income alone is not quite enough to remortgage. As you will see my last sentence was quite clear.

Thrugelmir

Can you afford to make capital repayments on your current mortgage? As this would progressively reduce the balance owed. Over time would save you money and ultimately improve your LTV.

kingstreet

There are no self-cert products or products where the lender may not request proof of income at some point during the application process.

tightasagnats

That was always so. They always retained the right to ask for proof.

tightasagnats

Thrugelmir wrote: »

Can you afford to make capital repayments on your current mortgage? As this would progressively reduce the balance owed. Over time would save you money and ultimately improve your LTV.

Yes, I can, and I do, and the LTV improves. One problem of course is that property went up a bit, then back to where it was when I bought, so not much help there!

Thrugelmir

tightasagnats wrote: »

Yes, I can, and I do, and the LTV improves. One problem of course is that property went up a bit, then back to where it was when I bought, so not much help there!

Purchasing a property needs to be viewed long term.

kingstreet

tightasagnats wrote: »

That was always so. They always retained the right to ask for proof.

That's as maybe. However, lenders now have access to HMRC records and are auditing a far greater percentage of fast-track cases to ensure they are not being used as a medium for avoiding providing evidence of non-existent income.

In addition, lenders are using the National Hunter system to compare income and other data from application to application to identify possible fraudulent activity.

tightasagnats

Well, I guess that's good news in terms of preventing people getting in over their heads. Helpful to know, thank you.

tightasagnats

Thrugelmir wrote: »

Purchasing a property needs to be viewed long term.

Really? Well I never. I realise some people bought property to make a few quid, but this is my home. The long term isn't much help when you're trying to reduce your costs in the short term, and the value of my property is only of interest if it helps reduce the LTV ratio a bit.

Anyway, thanks to those who gave some thought to their replies and helpful comments.