Reply to: Is it illegal....

[Flat Eric]

Then I can start putting an offer in and get into debt like 99% of the rest of the country.

Gordo is working on the other 1% ....

[Sockpuppet]

SP just got a mort with Norther Rock for 5% deposit for a a lot more than £175k
No problems getting it on self cert - didn't even have to produce any paperwork to back it up !

Contractor Money have gone to them today. Getting the agreement in principle lined up today or tommorrow. Then I can start putting an offer in and get into debt like 99% of the rest of the country.

[Bluebird]

yes.

Their fixed rates are good as well.

[Diestl]

They have a calculator on their website.

When I spoke to them direct they asked me how much I earned and I quoted a figure of X, they then came by with Y [ which was about 4 1/2 x X ].

Ok thanks, one more thing.... do they allow flexible payments?

[Bluebird]

How do they work our amount you can borrow, based on rate?

They have a calculator on their website.

When I spoke to them direct they asked me how much I earned and I quoted a figure of X, they then came by with Y [ which was about 4 1/2 x X ].

[Diestl]

SP just got a mort with Norther Rock for 5% deposit for a a lot more than £175k
No problems getting it on self cert - didn't even have to produce any paperwork to back it up !

How do they work our amount you can borrow, based on rate?

[Bluebird]

SP just got a mort with Norther Rock for 5% deposit for a a lot more than £175k
No problems getting it on self cert - didn't even have to produce any paperwork to back it up !

[Sockpuppet]

Put simply though if you've got a huge wedge of cash (and I'm talking over 50% of the purchase price) there are few places that will turn you down

Erm.... 24, looking at a 175,000 house with a 5% deposit.

I'll get my coat.

[boredsenseless]

I haven't read the other threads, but using an online mortgage application and lying on it is not a crime until you receive in post and sign it, then you are committing mortgage fraud.

Agree wholeheartedly.

Put simply though if you've got a huge wedge of cash (and I'm talking over 50% of the purchase price) there are few places that will turn you down if you speak to the specialist lending team.

Remember the reason many people start up a company themselves is because they've been made redundant and now want to be their own boss. (I know IT contracting is different but banks are naturally cautious beasts).

Also never forget its their money, their risk and therefore they make the rules, play along (legally) or just rent.

[ContractIn]

To lie on a mortgage application?

Doing an on-line application and I am beign asked if I am a director. Saying yes means they want 12 months of accounts, saying no means they only want 1.

Suggestions (other than speak to Contractor Money as I have decided that they are useless).

I haven't read the other threads, but using an online mortgage application and lying on it is not a crime until you receive in post and sign it, then you are committing mortgage fraud.

[Sockpuppet]

I found Contractor Money to be most helpful.

Aye. They were. I am trying to get this application going and have had to phone twice today...still no response other than the "they will phone you back".

Grrr.

[The Lone Gunman]

I found Contractor Money to be most helpful.

[Tool]

You can indeed try the "kindof self-cert" route. Note however that REAL self-cert are almost inexistent.
Banks like GMAC will only ask for a letter of your accountant, with 1/10 chance they require more (eg: 1 year accounts). You will need a good deposit.

You basically need a mortgage broker to sort out your situation. Do not try to go without a mortgage broker because you will probably fail.

You can try to lie on a mortgage application, but it is extremely easy to know whether or not you are a director of the company or not. A small lie will probably be OK, as long as you pay every month.

If you want some help, you can PM me.

Cheers!

[Bluebird]

speak to Northern Rock about Self Cert Mortgages - they do "show you the money "!!!

[oraclesmith]

In my opinion, you should be able to easily get a self-cert mortgage providing you're not borrowing too much of the property value, although some lenders may be a bit more cautious nowadays because of rising interest rates.

My best advice would be to consult an Independent Financial Adviser (a proper IFA, not your banks version). They should be paid through commission by the mortgage lender so you shouldn't have to pay anything to them. It may seem a little OTT to most people, but you are making some big financial decisions and IFA's have access to the whole market. If you present what financial information you have to them, they should be able to source a good mortgage from the whole market.