95% Self cert mortgage?

richie_greenuk

Is it possible to obtain a 95% self cert mortgage? I am part self employed and have been advised this may be the route to go

herbiesjp

What is the property price?

What are your earned PAYE earnings?

What are your self employed earnings? How many years accounst do you have for these?

What is your occupation?

Conrad

I have heard of a lender operating 95% SC but it's very difficult to get accepted as the rules are extremely tight.

Better perhaps to consider a full status option of which there are a couple who will consider up to 7x income IF YOU CAN CLEARLY DEMONSTRATE AFFORDABILITY.

moneysavinmonkey

x7 mortgage - are you being sarcastic?

Cazza

Nope, he's right! I don't think either Conrad or I would like to comment too much on whether that lender is behaving in a responsible way, but they will lend that!

Cazza

Along the lines of the 95% self cert - you may find this far more difficult to arrane than you would have done 2-3 weeks ago. Following the recent credit crunch probles, a number of lenders have withdrawn their 95% self cert products. If you can raise another 5% deposit this will make a HUGE difference.

Mr_helpful

you will find it very dificult if you are a 1st time buyer

toonfish

have you had a look at Advantage's flexishare scheme?

Dan_Collins_2

toonfish wrote: »

have you had a look at Advantage's flexishare scheme?

I think advantage is the only ones left that offer 95% sc also, however a guy in my office got a guy earning just over 25k in to a property worth 160k He did have 5k o his own money to add to the math though!

AS the guys have said they are all running scared of high LTV self cert and adverse also!

richie_greenuk

Thanks for the replies.

I am employed full time and have a part time business but my mortgage advisor has indicated that it is best for me to get a self cert mortgage. My salary is £21500 plus £5k from the business and my partner earns £10k part time.
The house we are after is £169995 and we can have equity in our current property. An outstanding loan of £13k will be paid off with this as well as a deposit.

He has quoted us £715 pm interest only on a 10% deposit but we will struggle to get this together so need to try and get a 95% mortgage.

herbiesjp

WIth those 3 incoem sources which are verifiable, and the fact you are clearing your other debts, means that you could get normal high street rates.

Remember that at 95% most lenders will charge a Higehr Lending Charge, some lenders will not, but the rates woffered will be slightly higher

So if a 10% deposit was available, it would make the deals on offer more attractive to you.

But high street rates could well be on offer, as opposed to self cert deals, assuming you have both got a good credit score