Self Cert Versus Fastrack

kelvinwebb

Hi all.

I've been dealing with Broker X (whole of market and fees free), on the recommendation of this site, who has come up with a self cert mortgage (as I am self employed and cannot prove my income) at a rate of 6.04%.

I was happy with this and thought that would be the best deal for me but having just done a little research I contacted another broker I found on the net, again whole of market and fees free who is saying that I could get a Fastrack mortgage (which is NOT a self cert) with the Halifax where I would not need to prove my income at all.

The rate on this mortgage is 5.74% and therefore seems better than the other offer but I am a little concerned that I will get refused by the Halifax and this will slow up my purchase.

Has anyone any experience of this Fastrack and how it works

Thanks

K

kelvinwebb

I should have said the new Broker is Moneyquest. Had any dealings with them?

homer_j_3

I would always try and use fastrack first if the client understood that the lender may ask for proof of income and you could get so far down the line and have to start again.

That said, Self Cert lenders can still ask for proof of income if they feel something doesn't add up or your case is the one they check.

As a broker, my job is to ensure that I get my clients the best deal and I feel that broker 2 is trying to do that for you but they have to be clear that it could delay things slightly if they decide to check your fastrack!

Hope that helps

toonfish

If you can't prove the income then you should self-cert in theory but I also would generally try to fast-track it if the rates are better. Either way you should not declare an income higher than you actually earn.

kelvinwebb

OK,

At the moment the mortgage will just be in my name.

if I opt for fast track could I get the mortgage in joint names with me and the mrs and use her income as well even though she is only working on a temporary 3 month contract (despite the fact that she has a good chance of gaining a full time position after the initial 3 months)?

homer_j_3

You have to declare the correct information on the application so if the application asks if the income is derived from a perm/temp/contract etc then you have to answer honestly.