More confused than ever!!! help!!!

lauren1983

hi, is it always this had when it comes to mortgages???

hope someone has some advice for me!

ok so
We decided we wanted to sell up and buy another house.

My partner is employed and i am have been self employed since last april.

We went to our current lender and told them i had been self employed for less than a year and they said that would be fine as long as i got an accountant to look over my books and get a letter writen to natwest to predict my earnings for the next year ect.Also because i had been i the same line of work for 5 years that would count towards me too.

So we have put our house on the market and started viewing.

I saw an Independant mortgage advisor today. She said i can only get a self cert mortgage and that the lady in natwest must have been wrong.

She deals with natwet and says that that is not within thier lending criteria.

So whos right and whos wrong???

Argghhh im stressing now coz we have got people coming to view our house and we might not even beable to get a mortgage to move!!!!

sorry to rant
thank you

fivemice

I'd say that the lady in Natwest was wrong, but you could always go back and speak to her again.

silvercar

Natwest, and probably most lenders, have two layers of underwriters that consider cases which don't meet their standard lending criteria.

we took a mortgage with them in the Summer and attached a note of reasons why they should still give us the mortgage we wanted even though it was outside their standard agreement. It worked!

lauren1983

thank you to you both for your reply.

wow silvercar thats great i didnt realise you could do that.Maybe that could be worth a try.

Yep i think i will have to make another appointment and go into alot more detail with the advisor at natwest.

thanks again

MortgageMamma

There is a lender who would consider giving you this mortgage on full status even with just 1 years self employment

Self certs are not all bad options, there are plenty of good value self certs about but you generally need a larger deposit with them

Have you thought about asking a whole of market broker to see if they can come up with anything better for you?

Rick62

I'm sure the lady at Natwest was right, even if it doesn't meet their normal criterior if you already have a mortgage with them they will also look at and give weight to how you have managed your existing mortgage.

But also worth looking at other lenders, a few will lend on a status basis, others have pretty competitive self cert deals.

IKENVIV

I'm a Mortgage Broker in the U.S. and generally when someone asks for a verifiable document(as in your tax accountant) it only gives you a better rate and terms. Anything less, you will see by them showing you a Estimate of fees and Interest Rate. By all means SHOP AROUND until you found someone who will write(literally) it all out for you. Good Luck, your situation sounds good; you only need someone who will do right by the two of you.

lauren1983

thank you everyone .You were all realy helpful.

yes mortgagemamma i have been to a whole of the market broker (or so she said,she was with countrywide) she was the lady that told me natwest must be wrong.But she did say that if i had no luck when i go back to natwest then she can do her best to get me a good self cert.

So its not looking so bleak after all :j

Gosh,they saying moving house is stressfull! ive only just started the whole process and im in a pickle lol.

Thanks again

Lauren

lauren1983

Hi everyone,

Just a quick update! I have just got back from another appointment with natwest.They checked all my details again and said that was fine and gave me an agreement in priciple.


All i need now is an accountant to write a letter with a projection of my earnings. Dont have a clue how much that will cost.

Does anyone know of a good accountant?

Thanks

Lauren