Mortgage Deals - advice/help please

papermoney

I don't know where to start looking.
We have 2 houses to sell and buying one.

We have 50K deposit
We will have no loans or credit cards (we will have paid them off)
We have earnings (joint) £38500 (my partner is self employed and has been for 5 years and has accounts).

Spoke to HSBC this morning who said that in principle on paper it looks OK but she doesn't hold much hope of getting us a deal becaus ethe way things are.

I thought we are in a good situation (good deposit no debts).

Trying to find a local mortgage advisor i know is the next option but when I did find one online the recommended one was miles away from me and the other I had used before and didn't get on with.

I'm not sure what i'm asking really - is it best to look yourself for a mortgage - if so where? Or go to a mortgage advisor?

Conrad

Some self cert lenders are;

Bristol & West
Beacon
First National
BM Solutions
TMB

Others that are not self cert, but instead offer a 'fast track' facility (without income evidence if score sufficent, but can request full evidence at ANY time) include;

Halifax
C & G
Nationwide (few get agreed though)
One Account
IF
Standard Life


IF take just 6 months figures and rely on a written stamement as to what the earnings are. Given your partner may not have submitted this years accounts yet, this can be a useful one.

Geoff13_2

I'm not sure why you mention these Conrad - the papermoney states that her partner does have accounts?

Papermoney, you don't mention what sort of purxhase price you'll be looking at, so whether you need 3, 4 or even 5 times your income?

It would be worth asking friends and family for recommendations for a good local broker.

ProvidaMortgages

I agree with Geoff - if you have books proving income for the last 5 years then you can go full status and not self-certified, saving you about .75% on the interest rate.

Am I right in thinking that you are selling the two houses you currently have? If so, will you not be freeing up the equity in these to put down as a larger deposit, and hence a smaller mortgage?

Also, with brokers, do they need to be local or could you do with the convenience of a telephone/email-based service?

papermoney

ProvidaMortgages wrote: »

I agree with Geoff - if you have books proving income for the last 5 years then you can go full status and not self-certified, saving you about .75% on the interest rate.

Am I right in thinking that you are selling the two houses you currently have? If so, will you not be freeing up the equity in these to put down as a larger deposit, and hence a smaller mortgage?

Also, with brokers, do they need to be local or could you do with the convenience of a telephone/email-based service?

Thanks - The 50K deposit will come from the equity - our savings that we have already will pay off all loans and credit cards.

I am hoping we can afford a house which is £185k so we would need a mortgage of 135K

We do have his full accounts for the last 5 years although I was wondering if it would be easier to have a joint mortgage but only take my salary into account or can this not be done?

I will ask around for mortgage brokers - and see what people can recommend.

Thanks again

ProvidaMortgages

Lender's will normally request 1-3 years accounts but if he has an accountant (chartered) they may ask for an accountant's letter instead. As you can imagine this makes life a whole lot easier! There is no reason why, just because he is self-employed, you cannot both be on the mortgage as joint applicants.

Hopefully that all helps

papermoney

ProvidaMortgages wrote: »

Lender's will normally request 1-3 years accounts but if he has an accountant (chartered) they may ask for an accountant's letter instead. As you can imagine this makes life a whole lot easier! There is no reason why, just because he is self-employed, you cannot both be on the mortgage as joint applicants.

Hopefully that all helps

Thanks that is a help.

He does have a accountant and luckily all his paperwork is up to date. I guess it would help on affordability aswell. (Although be it not a lot)

Thanks again.

herbiesjp

On the basis of the information you have provided, you should be able to get the pick of the deals down the high street

If you feel confident doing some resecrh yourself, have a look on a comparison site like moneyfacts

sophieroebuck87

Just thought I would let you know Mortgage Brokers will not present you with any of the HSBC products on the market! There is no reason why HSBC cannot give you a good deal at the moment! Surprised the lady on the telephone said that to you.

Regards

herbiesjp

sophieroebuck87 wrote: »

Just thought I would let you know Mortgage Brokers will not present you with any of the HSBC products on the market! There is no reason why HSBC cannot give you a good deal at the moment! Surprised the lady on the telephone said that to you.

Regards

Erm..

On the basis of the information you have provided, you should be able to get the pick of the deals down the high street

are HSBC not down the high street then?


Erm..

Just thought I would let you know Mortgage Brokers will not present you with any of the HSBC products on the market

Just like HSBC would tell you if Halifax had a better deal?

Surprised the lady on the telephone said that to you

. Not much hope if your own staff try to put you off applying;)

HSBC do have some good deals at the moment, but please remember not everyones critiera or needs for a specific mortgage product is the same and so that may automatically exclude HSBC deals