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Large Mortgage
moneylessbella
Posts: 16 Forumite
In the present climate do any lenders lend in excess of 400k on a self certified basis. Thinking of jumping ship from HBOS but cannot find any lenders with any money.
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Comments
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I would try and get what you can outof HBOS. But if the LTV is right a few are but rates are high. B&W are still doing it but I would bet that HBOS would offer a better rate.
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Why specifically self cert though?I am a Mortgage AdviserYou 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.0
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herbiesjp
self employed with renewable energy contract for 480k net profit 300k not your normal 9-5 scenario0 -
300k net profit could get you a good size mortgage, over 400k if you can prove it. Are you ltd??0
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Dan
not ltd at present moment but may need to form a ltd company to purchase retail outlet for chp unit0 -
Why do you need to go self cert if your turnover id £480K with a net profit of £300K??? Is this a projection? Can you get this confirmed by your accountant?
What's your property worth?I am a Mortgage AdviserYou 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.0 -
Agreed, you may not need self cert if you can show a net profit of 300k you could get way over 400k. C&G are very good at large loans.0
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property worth 700k but need to refinance to purchase retail outlet of 375k and chp equipment of 150k. existing mortgage 400k. quite frankly since the credit crunch nobody is interested even though we have guaranteed Power purchase agreement for 480k plus retail outlet rental of estimated 100k. Net profit on CHP of 300k and retail outlet 60k. Also been advised of 100k rosebud loan available due to being renewable energy subject to approved bank facility being in place. But still nobody prepared to put their money were there mouth is.0
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OK, so it is not so simple. Your correct, the market is so that lenders are not interested in large loans. You will not get anymore than 90% of your property val. Maybe 85% . Funny, Norther Rock would have done 95% a year ago!
C&G would see this as a small loan. I would get a broker, but you must accept that 80-90% ltv is max.
The other issue is it is for business.0 -
Would it be better to go for a Sale and Leaseback arrangement if large loans are not available.0
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