Self Cert Remortgage

chantaspell

Hi, can't find the answer to this on other threads so I will dain to create my own!

I bought a flat sometime ago and it will soon be time to think about remortgaging. I am currently on a fixed self-cert mortgage at 5.65%. When this ends I will be on the SVR at The Mortgage Business which is nigh on 8% - no thanks!

I have found actually that I over budgetted for living on my own, my existence is in fact quite frugal and so I have taken much less of the private work on than I was doing previously. Therefore, the income I can claim on a self-cert basis is lower than before. I can of course take on more work and therefore honestly give a better income figure, but I can't show proof of that income over the past year coz I haven't done the work as I haven't needed the money so much.

My credit history is top notch. I will be looking to borrow 120,000 for a flat worth 152000 approx.

Do you think I will be able to still get a self-cert mortgage? It was very easy before, but I have the impression they want more proof of earnings now, and that is what I ain't got!

Cheers

herbiesjp

What is your occupation?
What is your gross yearly salary (before tax)?
What extra income do you get from your private work?

Do you have any other debts?

homer_j_3

The fact is that your income should be given as your actual net profit not the speculative one which you "could" earn if you wanted.

If you are not earning it, do not declare it.

Your post indicates that you do an element of either employed or contracted work and an element of private work. It is important when providing the answers to herbie that you are clear in the actual way that you work.

On top of Herbie's question, I would also ask how long have you been doing this? If it is over 3 years then you could be expected to have accounts for this work.