Is it possible to get a self certification mortgage?

I'm hoping to buy a house worth £400k and have a deposit of £270k run own business and have paid rental of £750 per month for the last 10 years without defaulting.

Asked by robertsmithco

4 Answers

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Answered by Syed Imran, IFA in Edinburgh, MIDLOTHIAN
Self Certification isn't there anymore I believe for any LTV as we speak. Kindly call me on 07545321393 for discussing some other options. Regards | 05.03.12 @ 11:34
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$commenter.renderDisplayableName() — {comment} | 09.20.17 @ 18:19
Answered by John Stirling, IFA in Saffron Walden, ESSEX
Hi Robert,

Mainstream lenders are no longer allowed to offer genuine self certification. A case of the Financial Services Authority slamming the stable door long after the horse has bolted. However a number of lenders will still apply flexible criteria based on full disclosure of income provided you have a strong credit file, and some are far more interested in your personal 'balance sheet' than your pure income.

For the mortgage that you are seeking you will need provable income of around £25-£30k from a mainstream lender, perhaps less from your own bank if they have any discretion, and potentially far less from a flexible lender who wants to understand your position fully. Typically they would be one of the smaller building societies.

Also depending on who you bank with you may already have a pre-agreed facility.

Whilst I won't be quite so up front as Mr Imran above, feel free to drop us an email or a call if you would like to discuss this further.

Best of luck. | 05.03.12 @ 14:57
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$commenter.renderDisplayableName() — {comment} | 09.20.17 @ 18:19
Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
Hello Robert

i am inclined to agree with John's earlier comments.

there are lenders that will look at the company accounts you already have (ie you dont always have to supply 3 years) and some will work on projections.

I wouldn't want to give a false impression that sourcing a deal would be easy but it might not be as difficult as you think as some lenders will look at your scenario as the overall level of risk is good with such a large amount of equity.

this might be case of finding the lender that enables you to move in, wait until you have more accounts, and then when the time comes remortgage to a mainstream deal.

there are still lenders that will consider other sources of income so whatever path you take, be sure to have documents to back up what you state and a good accountant will help with projections.

feel free to get in touch but i would suggest not disclosing too much personal data or identifiable data on this type of forum so that you can maintain your privacy.

best of luck

Darren | 05.03.12 @ 15:21
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$commenter.renderDisplayableName() — {comment} | 09.20.17 @ 18:19
Answered by Syed Imran, IFA in Edinburgh, MIDLOTHIAN
Mr. Robert!! You might get a better deal from your own bank or from any other financial institution you have connection with but it will be much better if you call me on 07545321393 or email me on syed@financialoutlook.co to discuss further the options I've for you. | 05.03.12 @ 15:22
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$commenter.renderDisplayableName() — {comment} | 09.20.17 @ 18:19
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Answered by

Syed Imran
Syed Imran, IFA in Edinburgh, MIDLOTHIAN

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