self cert motrgages, help please

oliH_2

I own a house with a friend and we've decided that she is going to buy me out. The house is valued at about 330K and she will need a mortgage of approx 275K. She rents out 3 rooms and can have contracts written up if required. Is it possible to get a self cert mortgage in this situation? if so where would be the best place to look, or which FA company to use? Any help would be greatly recieved.....

herbiesjp

What is her income?

What income would the 3 rooms generate?

oliH_2

her income isn't really worth considering (maybe around 15k) the three room generate £1200 pcm

herbiesjp

I do not see self cert as being your answer, as with self cert you will still have to put down a true income figure.

There is no way the income stated would achieve a mortgage of £275,000 like you have requested.

Do not go down the self cert route, as the only way you would get the mortgage is by making figures up. Fabricating income figures on a mortgage application is fraud.

oliH_2

ok I see what you're saying. But if you include the rental income that she will get to her salary, and the size of the deposit that she has to put down, is there no way that a mortgage could be obtained? Buy - to - let? Or self cert including the figures that rental will achieve. A 5% mortgage, interest only, would be covered by the rental income alone. What would be the most advisable route to take.