Mortgages available for good deposit 60-50%

beanpole_2

Hi - I dont know if anyone has any advice, I am looking to remortgage, house value is 190,000 mortgage required is 101,000. Are there any places that offer good rates for a good deposit? Only problem is we need a fast track mortgage where they dont need proof of income as only one us can go on the mortgage due to various reasons. I am at a loss! Any advice would be greatly appreciated

Kavanne

I know my mortgage was self cert. Maybe you should consult a mortgage advisor? Is how I found mine. (PS I also had 60% ish deposit)

beanpole_2

thank you, i have seen advisor this week but they couldnt really advise on any which specialise in good deposits, the best rate he could find was with abbey 5yrs fixed 5.93% but i dont want to be tied in for that long so will probably have to for a higher rate for shorter period.

Dan_Collins_2

OK, not judging you but what your doing is mortgage fraud and very silly. I dont think, I would like to think, that you would not find a broker that would help you. Fastrack has been abused, probably more so than self cert as at least self cert factors in the risk within rate pricing.

Fastrack and self cert helped house prices reacht he limits we are seeing. Also at a recent FSA meet a guy (Broker) stood up with a question after the speaker had said that the FSA are looking to cut mortgage fruad. The broker simply told them to ban fastrack and self cert mortgages.

Sorry if this feels aimed at you, its not, I am just pointing our one of the issues within this sector.

Kavanne

Oooh I didn't realise self cert was so dodgy! I only did it because I have income not from my job which most mortgage providers wouldn't include in any affordability calculator.

Idiots.

(Personally, my IFA + mortgage advisor understand my situation completely and have been assisting me for some years, don't think they did anything dodgy!)

homer_j_3

A lot of lenders will take in various streams of income from things like investments, pensions, tax credits.

What they do not like is unprovable income. If you have a business which pays you and you are employed for example, this can be worked around.

If your income does not fit the lenders normal criteria, it still can be dodgy on self certs although brokers/advisers have been known to assist people without any worry. You just need to see what they are declaring and when you sign the application, ensure you fully understand that you could be assisting with the fraud - if that is what it is.

It could be completely innocent and if that is the case, then fine but self cert and fast track are 2 different things and need to be used correctly.

beanpole_2

I am not trying to defraud anyone, its similar to Kavanne, we have more income than can be counted (which is stable) we own over 50% of our home and just want to get a good mortgage, I didnt realise that fast track would be considered fraudulent. I think we should be low risk due to the amount of equity at stake so therefore would like a better deal

homer_j_3

Without knowing full ins and outs, it is difficult for anybody to say what the best route is for you. If I have come across as making you feel like I am calling you a fraudster, then please know that I am not.

The best deal for you may be more expensive than the best deal for the next person but cheaper than the person after that. You have to take the best deal that you qualify for and all that is being said is that you should not try and act fraudulently (or partake in the act) by signing to confirm that the details your adviser/broker has put is correct.

PBA

beanpole wrote: »

thank you, i have seen advisor this week but they couldnt really advise on any which specialise in good deposits, the best rate he could find was with abbey 5yrs fixed 5.93% but i dont want to be tied in for that long so will probably have to for a higher rate for shorter period.

Abbey definitely have much better rates available direct than through brokers at the moment, and I don't think self cert should be a problem with a decent deposit. The mortgage advisor at the branch will be able to help you more.

Mr_helpful

PBA wrote: »

Abbey definitely have much better rates available direct than through brokers at the moment, and I don't think self cert should be a problem with a decent deposit. The mortgage advisor at the branch will be able to help you more.

Self cert is not dodgy if used correctly which 90 % of the time it isnt. When people say they have income which cant be counted I wonder why. Is it not being declared to the taxman in which case it is fraud. The only case I can see for self cert is where a business is doing much better than in previous years but in this case a few bank statements tends to give an idea. Apart from that scenario I find it strange when people say they cant show income since the Inland revenue doesnt allow self cert.
As Dan said it has caused many problems and I have no doubt will be responsible for many people losing their home.

Kavanne

Mr_helpful wrote: »

Self cert is not dodgy if used correctly which 90 % of the time it isnt. When people say they have income which cant be counted I wonder why. Is it not being declared to the taxman in which case it is fraud. The only case I can see for self cert is where a business is doing much better than in previous years but in this case a few bank statements tends to give an idea. Apart from that scenario I find it strange when people say they cant show income since the Inland revenue doesnt allow self cert.
As Dan said it has caused many problems and I have no doubt will be responsible for many people losing their home.

My other income isn't taxable, thankyouverymuch. And if it was I would certainly be paying my share to the tax man!!