Self Certified mortgage

HappyMJ

atagirl wrote: »

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

Then you should have some contracts and bank statements maybe some invoices to prove you have some income. It's not self certification any more. You need to prove what income you have. A broker will be able to help and you may need to pay them for this help. Your accountant will also be helpful in certifying your accounts and your bank will be able to prove what income you have recieved over the past few years.

maninthestreet

So, if you're an actress, what work are you being paid for at this moment in time? E.g theatre work, TV, etc?

atagirl

maninthestreet wrote: »

So, if you're an actress, what work are you being paid for at this moment in time? E.g theatre work, TV, etc?

I work in theatre and TV throughout the year and make enough to earn a living, but I'm looking for a bank that will consider mortgages for actors- as there certainly aren't many.

kingstreet

As mentioned earlier, there are currently no products where the lender will guarantee no proof of income will be requested. Your occupation is irrelevant to that.

blacksta

if one is self employed - I suspect they will pay taxes and should declare accounts, Maybe you are not self employed -

thommy

blacksta wrote: »

if one is self employed - I suspect they will pay taxes and should declare accounts, Maybe you are not self employed -

One should be careful about what one is inferring.....


Atagirl - as per other posts, self cert no longer exists. Lenders are very much looking at the self-employed on an individual basis. It's a question of affordability; deposit, ltv, income, outgoings, other debts, credit score etc all come into the lender's decision.
they'll probably also want to know that you've a good chance of maintaining your income levels - especially in the precarious field of acting.
so, as said above, collate all your income sources e.g. accounts/self assessment forms and inland revenue notices, bank statements etc. also, if you can, have to hand information on all your employers to show you've been consistently working and also to show that you've good reason to believe you will continue to do so, in the future.
then, as astarting point, go to a couple of independent advisors that have access to the full mortgage market and ask them what they can come up with for you.

_Andy_

atagirl wrote: »

I work in theatre and TV throughout the year and make enough to earn a living, but I'm looking for a bank that will consider mortgages for actors- as there certainly aren't many.

And for the third time, what proof of income do you have?

The_J

Specifically, what is your net profit? How much tax do you pay each year?

KiwiCoop

ACG wrote: »

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%.

Are there such lenders? I have a 2 year Alliance & Leicester tracker expiring very soon and despite having plenty of equity in the house Santander are quoting a best rate of base +4.49% from what it was (base +2.39%) - no valuation, no assessment of LTV, no income questions, take it or leave it.

Unfortunately being very recently self-employed/freelance (no proof of income) my options seem limited, unless I add savings to get the LTV down to 50% perhaps?

ACG

Whats wrong with staying on base + 2.39?
Depending on the LTV you might not be able to better that deal anyway.

Also, you say you recently became freelance, is it in the same industry?
There are some lenders who will only 1 years accounts if LTV is less than 75% so it could be worth you sticking where you are until you have those accounts - you should go and speak to a mortgage advisor they will take al the info they need and see what if anythign is out there.