Self cert lost contract... Help!!!

webmister22

Hi,

The guys who meant to be buying my house has pulled out at the 11th hour because he cannot get the mortgage he had lined up as he’s lost a contract that makes up around 60% of his income.

If he doesn’t come up with a solution in the next 7 days were all going to be out of pocket as I’m buying a new build and the deadline for exchanging contracts will be reached so both of us are set to lose our search and survey fees.

The house is selling for 95k and the buyer is getting a mortgage for 85k, can anybody tell me what this guy can do help me resurrect the sales of my property.

Thanks in advance

Webmister22

JoeK_3

Self employed people can apply for a self certified mortgage of up to 95% of the property value.

To help with this case you will need the services of a whole of market mortgage broker who can help with the projected earning of the buyer. Once this has been done, they will then make an application to the lender that will accept their situation

JoeK

paulpett

JoeK wrote: »

Self employed people can apply for a self certified mortgage of up to 95% of the property value.

To help with this case you will need the services of a whole of market mortgage broker who can help with the projected earning of the buyer. Once this has been done, they will then make an application to the lender that will accept their situation

JoeK

Do you help clients project their income?

I was told once by an adviser that iprojected earnings figures used, would have to come either from myself or my accountant. He was not allowed to get involved in the figures, as it could like he had influenced the figures used in order to get a mortgage agreed

Is this not the case?

Mr_helpful

JoeK wrote: »

Self employed people can apply for a self certified mortgage of up to 95% of the property value.

To help with this case you will need the services of a whole of market mortgage broker who can help with the projected earning of the buyer. Once this has been done, they will then make an application to the lender that will accept their situation

JoeK

But the guy has lost most of his income so it would not be appropriate to self cert a false income.

MortgageMamma

Forget about your buyer for a moment

Have you considered taking bridging finance or arranging a let to buy?

JoeK_3

paulpett wrote: »

Do you help clients project their income?

I was told once by an adviser that iprojected earnings figures used, would have to come either from myself or my accountant. He was not allowed to get involved in the figures, as it could like he had influenced the figures used in order to get a mortgage agreed

Is this not the case?

The term "help" is often to get the client to think of the potential turnover, profits and the eventual yearly business growth. Often clients will not go to this extent until years down the line and only on a historical basis, which is not much good to a self employed person.

Once the ball is rolling and all the discussions have been concluded it may involve an accountant to tidy things up.

Many people just starting off or loosing a contract will just carry on blindly without sitting down and working through the figures.

JoeK

JoeK_3

Mr_helpful wrote: »

But the guy has lost most of his income so it would not be appropriate to self cert a false income.

I did read the thread and understood this completely.

There are often hidden things in posts like a potential contract that the OP may be working on, or a new project that is being considered.

I am not for one minute advocating anything of the sort but giving that extra help and guidance that is required at a difficult time.

Often advisers will just turn round and say "tough," sorry but I can't help, where a little extra support at times of need will pay dividends.

JoeK

silvercar

JoeK wrote: »

I did read the thread and understood this completely.

There are often hidden things in posts like a potential contract that the OP may be working on, or a new project that is being considered.

I am not for one minute advocating anything of the sort but giving that extra help and guidance that is required at a difficult time.

Often advisers will just turn round and say "tough," sorry but I can't help, where a little extra support at times of need will pay dividends.

JoeK

I would be worried that all this extra help and support could lead to a repossession six months hence.

webmister22

Hi Guys,

Thanks for all of the reply's. I've got the buyers deirect number so I plan to speak with him about any potential upcomming contracts he may have.

I've explorer bridging finance and I'd be looking at around £1700 per month which is not something I can afford.

Cheers,

Webmister22

JoeK_3

silvercar wrote: »

I would be worried that all this extra help and support could lead to a repossession six months hence.

I assure you that I am a thoroughly conscientious professional and would not put my clients to any undue risks.

Client’s circumstances are put at risk when these things are not covered properly and comprehensively.

JoeK