Self cert mortgage

ANY_CHANCE

Hi there

Does any one have any ideas as to the best self cert mortgage lenders for those with a less than perfect credit rating

Is there anything that can be done to improve credit rating if on DMP?

_Andy_

Hi

What kind of adverse credit do you have, apart from the DMP?

Also why is it you're after a self-cert mortgage specifically?

thanks

ANY_CHANCE

Sorry was just reading post on toad in the hole!
We just have the arranged payments, we did miss 2 mortgage payments b 4 we got onto the plan. Have a new mortgage now from sept have not missed any payments and dont intend to either!

I dont think we will get the amount we need unless go for a self cert, mortgage is due for revamp 2009

Just want to get prepared

Dan_Collins_2

Self cert for adverse is very hard to sort. You need to have plenty of equity in your home and you need to have valid reasons to self cert.

If its just because you dont earn enough, then I am sorry to sound harsh but you may be out of luck and you may be part of the reason we are in the position we are in today!

However if you have a valid reason then you need to get your self a broker.

_Andy_

ANY_CHANCE wrote: »

Sorry was just reading post on toad in the hole!
We just have the arranged payments, we did miss 2 mortgage payments b 4 we got onto the plan. Have a new mortgage now from sept have not missed any payments and dont intend to either!

I dont think we will get the amount we need unless go for a self cert, mortgage is due for revamp 2009

Just want to get prepared

Hi

Based on what you've said, a self-cert mortgage isn't appropriate because you'd be inflating what income you have (I'm making assumptions here that your income doesn't fluctuate or you're not self-employed). Lying about your income to obtain a mortgage is fraud so not something I'd advise!

AndrewSmith

ANY_CHANCE wrote: »

I dont think we will get the amount we need unless go for a self cert, mortgage is due for revamp 2009

What difference does Self Cert make to the amount you can borrow? Your income is your income, self cert does not change the amount you earn, nor does it mean that the lenders will offer any more than the standard income multiples. It is just another way of presenting your income without having to provide proof via the normal methods of payslips or accounts.

Lenders have criteria for a reason and cap lending limits based on income multiple or affordabilty to protect the customer from reposession and protect the investment they are making in your property.

If you cannot get the amount you want using the criteria outlined by the lenders then accept that it may be seen as risky to borrow more, especially in the current financial and economic environment.

Dont be surprised though if even on a self cert deal you are asked for bank statements showing a sustainable income moving through your account and contact details for your accountant to prove trading status.

ANY_CHANCE

ok what mortgage is possible for an income of 38,272

UK007BullDog

I suggest instead of revamping in 2009 you try to get rid of your debts. Then once you have cleared those and your credit record is cleaner and more stable you could remortgage. when does your plan end?

UK007BullDog

Ah just saw it in your sig. Well, I think with your mortgage and debts, forget revamping and concentrate on paying your debt and the mortgage as on interest only over the long period it costs more than a repayment mortgage and the property is not being paid off.

ANY_CHANCE

Thanks Bulldog i am desperately trying to pay off the debts

Obviously i wont bore people with how or why we have these debts but yes i am aiming to pay as much as possible off to help with mortgage i dont want to borrow more just have a lower mortgage payment to pay off the debt

Income Husband is 28,272
Mine 10,000

When i said revamp i meant the fixed payment comes to an end

_Andy_

ANY_CHANCE wrote: »

Thanks Bulldog i am desperately trying to pay off the debts

Obviously i wont bore people with how or why we have these debts but yes i am aiming to pay as much as possible off to help with mortgage i dont want to borrow more just have a lower mortgage payment to pay off the debt

Income Husband is 28,272
Mine 10,000

When i said revamp i meant the fixed payment comes to an end

A minute ago you implied your income was £46k?