Self cert Mortgages

GingeG

Hi,

I have just left a well paid job to form a company with some former colleagues. I sold my house and repaid the mortgage on it last week. I have no defaults on my credit file and no CCJ's.

I have a good chunk of equity and I now want to buy my self somewhere to live using some of the equity as a deposit and the remainder to act as say 2 years monthly payments. This keeps things seperate from my company as I will not be paying myself a lot as we want to reinvest as much as poss back into the business in these early years. My question is as I have not got 2 years audited accounts can I still get a self cert mortgage and if so does anyone know any good deals?

Thanks

herbiesjp

You can find some lenders that will allow a self cert from day one of going self employed.

The rates available will reflect this, although they are no too bad.

Ultimately it will depend on the whole scenario as to which lenders will be able to help you with this i.e figures etc.

HTH

GingeG

Herbiesjp,
Thank you for that I have been told that there are companies who will do that. I was wondering if anyone had any personal experience and cared to point me in the direction of a good deal.
Incidentaly is there anyway I could get a normal mortgage? If I got the "company" to pay me the lending multiple?

GingeG

We are a limited company so I am a director not strictly self employed.

herbiesjp

I really do think that running your scenario past a whole of market adviser will be your best option.

They will be best placed, after getting all relevant details, to know which lenders could help you based on your employment basis.

HTH

GingeG

Thanks again Herbiesjp.

Adrian8

Ye Northern Rock/Abbey.
Be sure you can afford it the FSA are making checks on self-cert and rightly so.

Canucklehead

Good morning: Try Coventry Building Society...we have used them in the past...good lender if you need flexibility i.e. no Early redemption charges, flexible payments etc.

http://www.coventrybuildingsociety.co.uk/mortgages/AccountSummary.aspx?Socseqno=1&PCode=SCZ52

Good luck.

Canucklehead

GingeG

Adrian8 wrote:

Ye Northern Rock/Abbey.
Be sure you can afford it the FSA are making checks on self-cert and rightly so.

I can afford what Im looking at comfortably, guaranteed for at least 3 years. However, as with anyone in their own business or indeed in employment, who really knows how well the company will do? Its a gamble and one which I am mitigating by having the 25% deposit reqd and also 36 monthly payments in a seperate account on standing order dedicated purely to the mortgage. If I had stayed in my current job my mortgage was huge and the job was not forvever so I think Im covering all my bases as best I can.

herbiesjp

Before going direct to the above named lenders and applying - please be very careful and make sure you fit the lenders criteria.

toonfish

As Herbie has stated, tread warily. Some of the options above are fast track, not proper self cert and with brand new self employment you may not get accepted. If you put yourself down as employed they will still class you as self employed, depending on the level of your shareholding