100% self cert morgage?

lizaanddel

Me & my wife are looking for a 100% self cert mortgage, we do not have proof of our income but we do know there are companies out there who will entertain us, we just can't find them,

any recommendations?

meanmachine_2

No, I can't imagine any lender who would do this.

Normally self certs carry a much lower LTV. It used to be 75%, but has creeped up to 85%.

Even a standard 100% mortgage is insane.

Why can't you put down a deposit?

Sorry. But even if others can point you in the direction of lenders, they'll doubtless be sub-prime with int rates of around 7%.

Crrrrrazy!

herbiesjp

No there are no 100% self cert mortgages I know of

lizaanddel

Well, i could possibly get a deposit of a couple of grand in about 1 month with some extreme saving, how about 95% self cert morgage?

herbiesjp

The best you could hope for is 90% subject to stringent underwriting criteria

lizaanddel

what is underwriting criteria?

YorkshireBoy

lizaanddel wrote:

...we do know there are companies out there who will entertain us, we just can't find them,

any recommendations?

Have you done a https://www.google.co.uk search for 'self cert mortgage'?

A word of warning...Ocean Finance is one of the sponsored links returned! :eek:

lizaanddel

yes i've done a google but it's trying to find 100% self cert that causes difficuly, i take it ocean finance is to be avoided then?

meanmachine_2

Ocean Finances is a sub prime lender.

Put yourself in a lender's shoes. You can't provide any proof of income. You're not investing ANY of your own money into a property, and yet you expect a company to just hand you X amount of cash?

Never going to happen.

Why can't EITHER of you give proof of income?

Also, remember, it's not just a 10% deposit you'll need,but also a few grand for legals etc.

I'd sit tight, save like mad for a few years until you've got enough for at least a 10% deposit. Oh, and think about getting a job where you can prove income!

theGrinch

if you cant save enough for a deposit and it would take you some months to cobble together ta deposit, I have very grave doubts you could service a mortgage unless you drastically alter your current spending habits.

be careful

Andrew_T_2

lizaanddel wrote:

Me & my wife are looking for a 100% self cert mortgage, we do not have proof of our income but we do know there are companies out there who will entertain us, we just can't find them,

any recommendations?

Why do you need to self cert your income? Are you self employed, employed, have two jobs, contract worker? You're not giving us much to work on here.

Andrew