Self Asessment Mortgage Advice Please

lucy7509

Hello

I have recently changed professions and would like to have any advice regarding getting a self assessment mortgage, for no more than £150000. I am seeking to own my first home. Can you use one of these if you buy at Auction?


Any advice is welcome, as I don't want to pay a fee just for looking into it. Thanks in advance

Kind Regards

Lucy7509

kingkano

Do you mean self certification?? These are basically for people who cannot show payslips or other easily recognised proof of income. Mainly self employed people who use an accountants letter or bank statements instead. They dont just let you make up any old income to get a mortgage. If your income can support the mortgage you should be able to go through normal channels without self-cert I would have thought.

Try and find a fees free whole of market broker in your local area. You will not pay just to have a chat to them and for them to present you some options. They work on the basis that if you proceed they will get a fee from the lender for putting it all together.

lucy7509

Hello,

Yes, I did mean self certification, as my previous role in HR has very little to do with the Property industry, I have been told, that I would either have to wait a year and apply the normal way, or go self Certification, since I have no previous experience in my new field. As I currently pay rent of £900 per month and have done so for nearly 5 years, I do not see where I would be a risk for such a small mortgage amount.

I have been offered the option by my employer to have my own 'consultancy' with them, meaning I would have my own Limited company, or work for them, at a much lower revenue.

Hence the request for information, on where to look for information, and get an idea what the interest rates are on offer, and any information regarding which reputable lending institutions offer such mortgages.

Thank you for your reply.

Kind Regards

Lucy7509

AndrewSmith

The fact you have no previous experience will have absolutely no bearing on it at all. What will affect it is what your income status is.

Self certification is only for people who have no proof of income via payslips or accounts. Even on self cert youy may still have to have been in your current role for a set period.

What are the figures you are looking at and the terms of your new job/incomes etc?

What deposit do you have?

lucy7509

Thank you for you response, I have a 5% deposit readily available, however, right now I am just looking into this, I am aware, that I may need up to 15% for some SC mortgages.

My income could vary up to 50K with the consultancy.


Lucy 7509

AndyWallace

You should at least wait and see what your first years earnings are before applying for a mortgage. Reassess the regularity of your income at that time.

Very recently self employed; with
No previous experience

Where's the door?

lucy7509

Hi Everyone,

Yes, I have had a mixed response to my query, but most of all why does no one mention any reputable company I could enquire too?

thanks in advance

Lucy7509

AndrewSmith

Because it it not possible to do so without knowing all of your information. There are details within your circumstances that are key in the decision of which lender to choose.

The same information will also determine the right product choice for you.

joeblack066

Thats why those in the know have said go to a fee free whole of market broker!