Self Certified mortgage

atagirl

Some advice please?

I am an actress and have been self-employed for 25 years. About 11 years ago I bought a flat with a self-certified mortgage. Stupidly, I sold the flat about 4 years later when I moved in with a new partner- you know how it is; thought it would last but sadly it didn't. What's done is done.

Now, I have a little money in the bank (20k at a push) but no home. What are my chances these days of applying for another self-certified mortgage? Is there such a thing any more? Would I be applying as a first time buyer again?

I have managed to pay rent recently of £600 per month but haven't earnt enough money regularly to apply for a mortgage the usual way. I am a bit nervous to visit a broker, and certainly can't pay for any advice at the moment.

Anyone got any tips? Thank you.

kingstreet

Unfortunately not. Self-certified products are no longer available.

ACG

If you cant afford to pay a broker...can you really afford a mortgage? (you dont need to answer that its more of a thought provoking question).

However to answer your question, self certs are no more. There are lenders that may not require payslips/bank statements but you would need a substantial deposit percetnage wise eg 50%.

atagirl

So I'm screwed then. No chance, at the age of 46, to ever get a mortgage? No suggestions how to get round it?

_Andy_

What proof of income do you have?

ACG

The only way of "getting round it" is to get a full time paid occupation. Nobody is going to lend you a substantial amount of money when you dont have an income/regular income.

betmunch

You must be able to prove some income, to you have accounts or self assessments?

Being 46 isnt going to be a big issue, its the proving the income thats important to your case

atagirl

ACG wrote: »

The only way of "getting round it" is to get a full time paid occupation. Nobody is going to lend you a substantial amount of money when you dont have an income/regular income.

Thanks. I have a full time paid occupation. I am self-employed.

sariebeth

Just because you are self employed doesn't mean you need a self cert mortgage, you just need to prove your income, and show x number of years accounts (maybe 3 years I'm not sure).

If you want some free advice, go to whoever you bank with and discuss it with them. Any high street lender will advise what they can offer you.

_Andy_

atagirl wrote: »

Thanks. I have a full time paid occupation. I am self-employed.

What proof of income do you have?

betmunch

sariebeth wrote: »

Just because you are self employed doesn't mean you need a self cert mortgage, you just need to prove your income, and show x number of years accounts (maybe 3 years I'm not sure).

If you want some free advice, go to whoever you bank with and discuss it with them. Any high street lender will advise what they can offer you.

Never go to you bank for advice like this!!!

Firstly the bulk of bank advisors are not qualified to give this kind of advice.

Secondly, and more importantly, the bank will only tell you what they can do. So if your particular bank doesnt do something you will be told it cant be done, even if next doors bank does do whatever it is.