Self Cert Mortgage Advice Needed

moofo

Hello everyone.
I am looking for some advice on the best way to get a mortgage due to my current status.
At the moment I have a mortgage & secured loans totalling around £62,000 and the property I am selling is on the market for £95,000.
I am looking for a new mortgage and will have to self cert & joint app with my wife who has a guarenteed income.
I have 2 late mortgage payments showing on my credit file for the last 6 months.
A financial advisor has told me the best offer he could get me was at a fixed rate of 7.44% for 3 years and I would have to have a 10% deposit for the amount I want to borrow.
Does this sound right or a little extortionate?
WOuld it be possible to get a Mortgage with a 5% deposit?
Does anyone know if I could get a better deal than this?
I have seen a property for £165,000 and paying the £16,500 deposit will leave me with very little cash from the sale of my house as I have to pay a few other things off.
A 5% deposit of £8250 would leave me in a much better position as I was hoping to be able to fund a new vehicle for work as well as a house with the profit from the sale.
I don't want to have any other outgoings apart from the mortgage & household bills.
All help and advice much appreciated.
THankyou in advance.
:beer:

moofo

Ok if anyone knows any reputable Financial advisers who don't charge big fee's or hidden fee's a nudge in the right direction would be greatly appreciated.
THanks.

_Andy_

Might help if you posted in the correct forum

Mrs_Arkwright

We just got a self cert mortgage through the mortgage advisor in our EA. We needed 25% deposit, and have got a 2 year fixed rate at 5.19% which we're happy with. We did not have to provide any proof of income whatsoever. We didn't have to pay the mortgage advisor anything, as the company providing our mortgage is paying him commission. The only thing we had to pay for was the mortgage valuation on the house we are buying.

moofo

_Andy_ wrote:

Might help if you posted in the correct forum

That comment was ever so helpful.
Thanks.
The offer of pointing me to the correct place was also very helpful.
Especially as I am new here.
Do me a favour.
Next time you see me in distress, walk on by.;)

WestEndGirl_2

If you're still looking for someone, then I can recommend this company - http://www.saveonmymortgage.co.uk/ - they gave me a good service, seemed keen to do the best they could, and we're very happy with the result- a 2 yr fixed rate while we get finances sorted out.

Hope this helps.

presents

Hi Moofo, we used a company and I highly recommend them, they can be found at http://www.mortgage-matchers.co.uk, they game a decision within 48 hours for a self cert mortgage, we completed in 7 weeks which is a good time frame these days, I also got a 5 year fixed rate to help us while the rates keep going up

AndrewSmith

moofo wrote:

Hello everyone.
I am looking for some advice on the best way to get a mortgage due to my current status.
At the moment I have a mortgage & secured loans totalling around £62,000 and the property I am selling is on the market for £95,000.
I am looking for a new mortgage and will have to self cert & joint app with my wife who has a guarenteed income.
I have 2 late mortgage payments showing on my credit file for the last 6 months.
A financial advisor has told me the best offer he could get me was at a fixed rate of 7.44% for 3 years and I would have to have a 10% deposit for the amount I want to borrow.
Does this sound right or a little extortionate?
WOuld it be possible to get a Mortgage with a 5% deposit?
Does anyone know if I could get a better deal than this?
I have seen a property for £165,000 and paying the £16,500 deposit will leave me with very little cash from the sale of my house as I have to pay a few other things off.
A 5% deposit of £8250 would leave me in a much better position as I was hoping to be able to fund a new vehicle for work as well as a house with the profit from the sale.
I don't want to have any other outgoings apart from the mortgage & household bills.
All help and advice much appreciated.
THankyou in advance.
:beer:

It is not really possible for I or anyone to comment on the suitability of the mortgage you have been offered as we are not privvy to all the facts of the case, however you will generally pay a premium for having a 10% deposit as opposed to the usual 15% for self certify.

It may be possible to obtain a self certify mortgage for you with only a 5% deposit however there will be a trade off against the rate you are offered. You will also have to look at the affordability of the new increased mortgage against what you are currently paying to ensure that it is, in fact, the right move for you to make.

It is not always wise to use a firm from a link posted on a chat forum, better to source a reliable brokerage for yourself. Ask friends/family for a recommendation or look in your local pages.

Andy

gningo

I self certified and had to place a 10% deposit and managed to get this done through the deal. I used Mortgages PLC and was fixed in for 2 yrs at 6.2%