Self-cert

How much has sub-prime problems in US affected self-cert in UK?

How likely is it I can get a self-cert mortgage without proving a single shred of income evidence?

80-90% LTV, 25 years, £220k
23 years old
self employed for 1.9 years (Internet affiliate marketing)
$200k/year income (offshore)
£19k/year income (UK taxed)

My offshore income will not and cannot be used as proof, only my UK income (but offshore can be used when needed, hence the need for self-cert)

Replies

  • Do you have one years accounts? And a projection for the second year?

    Is the £19k the self employed income or in addition to the S/E income?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Can be done no probs, need to know a little more about you but if your credit file is good and your an EU or UK resident then case done.

    You will find more choice if you get your self a whole of market broker.
    :confused:
  • Thanks both for your replies :)
    herbiesjp wrote: »
    Do you have one years accounts? And a projection for the second year?

    Is the £19k the self employed income or in addition to the S/E income?

    £19k is declared self employed income for 2006-2007 and ~£15k for 2007-2008. No accounts will be provided as my offshore corp income is not declared to HMRC and won't be shown to anyone else for any reason (hence the need for self-cert). I pay myself every month from offshore sources whatever I spent during that month (in the future it'll be more due to monthly mortgage repayments).
    Can be done no probs, need to know a little more about you but if your credit file is good and your an EU or UK resident then case done.

    You will find more choice if you get your self a whole of market broker.

    All 3 credit files are clean.

    What I want to confirm is, would going thru the self-cert route nearly guarantee I won't be forced to provide any income evidence to get accepted? Or am I asking for the impossible? Of course I'd be paying more than normal rates, which I don't mind. Anything more 8.5% or a hassle to get the self-cert mortgage due to the worldwide credit crunch, than I'd rather just continue renting.
  • abadstate wrote: »
    Thanks both for your replies :)



    £19k is declared self employed income for 2006-2007 and ~£15k for 2007-2008. No accounts will be provided as my offshore corp income is not declared to HMRC and won't be shown to anyone else for any reason (hence the need for self-cert). I pay myself every month from offshore sources whatever I spent during that month (in the future it'll be more due to monthly mortgage repayments).



    All 3 credit files are clean.

    What I want to confirm is, would going thru the self-cert route nearly guarantee I won't be forced to provide any income evidence to get accepted? Or am I asking for the impossible? Of course I'd be paying more than normal rates, which I don't mind. Anything more 8.5% or a hassle to get the self-cert mortgage due to the worldwide credit crunch, than I'd rather just continue renting.

    Well self cert is self cert, however if you are not declaring income that you should do I would be very careful, we have had our whistle blowing policy pointed out to us again and if you tell your broker to much he/she may have to inform his/her compliance officer. However if its just hassle then you should have no probs and rates should not be as high as that!
    :confused:
  • poppy10_2poppy10_2 Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    abadstate wrote: »
    self employed for 1.9 years (Internet affiliate marketing)

    Spammer? :confused:
    I pay myself every month from offshore sources whatever I spent during that month
    You need to declare this income, otherwise you are committing tax fraud. eventually HMRC will catch up with you, and you will have to pay it all back as a lump sum, so it's better to be honest and avoid a possible jail spell.
    poppy10
  • poppy10 wrote: »
    Spammer? :confused:

    No. Spamming isn't the only way to earn a living online. I mainly operate adult paysites and PPC affiliate marketing for adult & mainstream sponsors.
    poppy10 wrote: »
    You need to declare this income, otherwise you are committing tax fraud. eventually HMRC will catch up with you, and you will have to pay it all back as a lump sum, so it's better to be honest and avoid a possible jail spell.

    I'm aware of that thanks, I would have rather not have mentioned it in this thread, but I had to make it clear I wouldn't be providing details of that income. Regardless, I'm in an industry where it is easy to get advice from others on the latest offshore laws, recommended offshore accountants and most importantly - recommended private banks (which won't deal with anyone without an approved agent/intermediary, and they won't deal with anyone without introduction from current client). I absolutely wouldn't recommend to anyone else unless you know what you're doing, ignore all these sites on Google about offshore banking and offshore merchant accounts. And if HMRC catches me out, then they deserve it to catch me as they must have put some serious man power and effort into it.
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