A Self-Certification Mortgage?

KAMRAY

I own my current home outright, which I have just sold, and after fees I should have £285K to put down on my new home.

The new house I am looking to buy is costing £649K and taking account of stamp duty etc, and adding my own personal savings I am looking for a mortgage of no more than £300K. Therefore the LTV on this new loan would be low.

I am self employed and live in an extended family household, and although on paper my Gross earnings are approx £50K, I know that a mortgage of this size would be affordable to myself as have no lending and the rest of the family contribute to the household expenses.

On top of this I have three buy to let properties worth in total approx £200K, and the mortgages on these will be clear in 3 years time. Therefore the equity in any of these can be used to reduce the capital outstanding on my personal mortgage at anytime.

Whats are my options?

Should I just do a self cert and increase the amount of my earnings in order to get a loan of this size or are there any other options open to myself that are not too complicated?

Are there in good self cert rates/lenders on the market at present?

I have done some research myself and have found a 5 yr fixed rate of 4.59% with Standard Life which is very attractive esp since Standard Life allow you to self cert your income if the LTV on your new loan is less than 50%.

Is this a good deal? Any advice would be greatly appreciated...........

meanmachine_2

If the LTV is only 50%, then the lenders won't ask questions, especally if it's a true self cert.

Normally I'd advise against borrowing 6x your income, but you have other assets which could bail you out in a crisis, so yeah, the Standard Life sounds competitive.