Self Cert help 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:

mhay_3

the rate does seem a little steep, do you know if the adviser was whole of market?
have you had any other missed payments recently (i.e credit cards etc), or had any defaults registered against you?
can i also ask what your joint income is?

moofo

I have late payments showing for various things.
I just settled out of court with Barclaycard and they have removed a default they added.

Joint income equates to £46,000.

Mr_helpful

Have you tried staying with your existing lender?

moofo

My current lender is G-Mac and I am not happy with them.
I am also going to be disputing some charges they plan on adding to my current mortgage.
They were pretty unhelpful when I asked about setting up a new mortgage with them anyway.
They said they will still charge me 2% redemption figure for paying up my mortgage a year early and didn't seem to be really interested in talking about a new mortgage.

sarkin

The problem you have is that you are asking for 90%LTV with self cert and 2 missed in the last 12. I work in this market and the rate is not to bad. If you can go to 85% LTV you will get a much lower rate. Some lenders will ignore all defaults and CCJ. If you go 95% LTV self cert you will have to have no missed payments in the last 12.

raq

just out of curosity what does ltv mean?

toonfish

raq wrote:

just out of curosity what does ltv mean?

it's loan to value, i.e. % of the property value that you have borrowed.

herbiesjp

Do you really need to self cert?

Do you have proof of that income? Some lenders are flexible on what they will accept