self cert help pls...

Sparks33

I own my current property outright and wish to buy a bigger property which has recently come on the market. I will need to borrow 50k in order to do this, assuming i get near the asking price of mine.
I am self employed, but don't wish to have to provide any evidence of income so need a true self cert. I have no depts at all and my credit rating is fine. I've been scouring the internet for self certs with online application but to no avail. All the brokers/lenders seem to insist on calling you or you calling them. Why can't i just fill out the forms online and not have to go through a broker and pay all the fees? It reminds me of the days when you had to repeatedly go through all the boring details when searching for motor insurance and waste a whole day looking for the best deal. Then you'd get all the follow up junk mail because everyone had all your details! At least now there are sites which eliminate all that hassle...
If anyone knows of and hassle free self cert deals please let me know! Thanks...

herbiesjp

You should be able to do a straight forward re-mortgage of your own property - with free legal fees and valuation

If you can provide some accounts, you would get better high street rates than self cert deals

HTH

Sparks33

I can't remortgage because i dont have a current mortgage. My previous lender doesnt do self cert so have to start fresh. Have to have self cert because i'm self employed, and until now only part time, so no accounts to show.....

Mr_helpful

I dont think he was asking that herbs. he could go to moneysupermarket.com and do it all himself there. Seems a strange request with us no fee brokers around but the is his choice

JoeK_3

Sparks33 wrote: »

I can't remortgage because i dont have a current mortgage. My previous lender doesnt do self cert so have to start fresh. Have to have self cert because i'm self employed, and until now only part time, so no accounts to show.....

The phrase remortgage does not mean that you have to have an existing mortgage. The fact of taking out a mortgage on your existing property is called a remortgage.

There are many lenders that will allow you to remortgage on the net but you should be aware that they will all ask for you to put an income on the application form to substantiate the mortgage.

JoeK

The_Eternal_Optimist_2

Is it not more important to you to get a self cert deal that is a true self cert, that is the most competitive and more importantly which fits your circumstances.

A good broker is a blessing not a hinderance. Most people who use a broker never go back to DIY'ing, especially not in with non straighforward requirements like yours.

Discocat

I am self employed and my first years accounts were still being prepared when I applied for my mortgage so I was unable to produce any proof of income. I was looking for a self certificate mortgage but a broker suggested that as my credit rating was good I should contact the Halifax and try a regular mortgage. They agreed my mortgage without needing to see any accounts, bank statements or proof of income. I applied direct with the Halifax over the phone and got their decision within minutes. From start to finish ( i.e. receiving mortgage offer and including valuation) it took 4 working days. Obviously this is just my experience and your case might be different.

Sparks33

Sounds like you did well there Discocat. I didn't think any lender would entertain a regular mortgage without proof of income.

Sorry Joek, i see what you're saying now. I would still need a self cert remortgage though, are they possible? The reason i need self cert is because i cant show accounts, as have been part time self employed not earning a lot....but can work more hours to finance the mortgage if i need to.

JoeK_3

Sparks33 wrote: »

Sounds like you did well there Discocat. I didn't think any lender would entertain a regular mortgage without proof of income.

Sorry Joek, i see what you're saying now. I would still need a self cert remortgage though, are they possible? The reason i need self cert is because i cant show accounts, as have been part time self employed not earning a lot....but can work more hours to finance the mortgage if i need to.

Of course they are.

I good broker would help you with projecting your income and assist with ensuring a smooth application.

JoeK

Sparks33

Thanks Joe...
So if i went for a remortgage, what would be the benefits over taking out a new mortgage on the new property. It's said that a remortgage may be without fees, but when i sell my property and transfer the mortgage to the new property won't that involve extra costs?

JoeK_3

Sparks33 wrote: »

Thanks Joe...
So if i went for a remortgage, what would be the benefits over taking out a new mortgage on the new property. It's said that a remortgage may be without fees, but when i sell my property and transfer the mortgage to the new property won't that involve extra costs?

Sorry Sparks but I have been busy and not been able to follow your thread.

Re-reading your thread again, it is apparent to me that you require a self cert mortgage. My remortgage explanation was explaining the phrase "remortgage" and I was not implying that you should go for a remortgage at all.

Looking at your circumstances, you need general help with understanding what is required for a self certification mortgage and part of this is helping you to prepare your figures for your self employed status.

Once these are in place, you need a good whole of market mortgage broker to marry your circumstances with the criteria of a good self cert lender.

Hope this helps and apologies for any confusion.

JoeK