Help - Are there any banks that will treat you as an individual for a mortgage

borris74

Hi,

I recently found out that my fixed rate with Northern Rock is due to expire in July 2008. For reasons that are too long to go in to here, I have previously thought my rate expired in two years. Unfortunately, I decided to become self-employed less that a year ago and as such do not have official accounts. I approached my bank, who I have been with for over 12 years as I have three business accounts with them, an ISA, a savings account, a joint account and current account. All have had excellent conduct and show a good source of income. I had thought that as all of my finances go through these accounts the bank would be able to asses me based on my account activity. I approached my bank only to be told that all lending is now centralised and I would be treated exactly the same as anyone walking in off the street. The only reason I have stayed with my bank is because I thought loyalty and good conduct over the years would surely count for something. I now wish to take my business elsewhere. Does anyone know of a bank or building society that it able to look at it's customers on an individual basis?
Any help would be much appreciated.

luckyfool

How much equity do you have in your property? i.e. what kind of percentage would you be borrowing on your remortgage?

This is the type of scenario that Self Certification was designed for, though for many people in your circumstances the best advice might normally have been to get another rate from your current lender (not an option with Northern Rock).

If your ltv is low then there should be some options open to you. If you are closer to 90-95%+ then I think the best option for you might end up being to stay on the NR Standard Variable Rate for the time being.

elvina

Hi

We recently moved our mortgage to The Furness Building Society. We got a fantastic rate that no one else seemed to be able to get close to, they were very quick in dealing with the move to them and best of all I actually spoke to a real person who knew what I was ringing about each time I rang. They are based no where near where we lived and it was all done by post and phone but their customer services has been excellent so far.

Good luck

Elvina

maryjane01

Are you still in the same line of work that you were in when you were employed? If so HSBC/First Direct will take the average of your last 3 years income (you must show tax returns P60's). My husband is in the same situation with no accounts to show and First Direct were happy to offer us a mortgage because he is diong the same type of work.

borris74

Unfortunately, I don't do the same job and my loan is quite high compared with the value of my house 85%. I think the only thing I can do is stay with Northern Rock until my situation improves. I am just worried about rising interest rates as my mortgage will increase significantly when I come to the end of my deal.

Conrad

Several lenders operate a FASTTRACK system where proof of income is not generally sought as long as you score well, although they may seek proof at any time.
They include;

Halifax
C & G
IF
One Account


A broker is probably your best option but make sure they have lots of experience, because if they muck up one application that has consequnces for any subsequent application.