Self Certification Mortgages
31 July 2003, 01:29 PM
#1
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Are these for real or what....?
I mean I'm sure there are many, many honest people around - but surely a mortgage where your declared income isn't checked is a recipe for disaster...?
31 July 2003, 01:33 PM
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Hello
A friend of mine just took one out. Crazy if you ask me as the mortgage is something like 5 times his salary. The LTV has to be less than 80% so that the building society can cover themselves thnough.
Anyway, you are being a little unfair, how else can drug dealers get a mortgage?
To be serious, it is the only easy way for self-employed people to get a mortgage.
Steve.
A friend of mine just took one out. Crazy if you ask me as the mortgage is something like 5 times his salary. The LTV has to be less than 80% so that the building society can cover themselves thnough.
Anyway, you are being a little unfair, how else can drug dealers get a mortgage?
To be serious, it is the only easy way for self-employed people to get a mortgage.
Steve.
31 July 2003, 01:37 PM
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Hello
Well, not THAT open. If you don't pay you lose your house. Building societies really don't mess around when it comes to non-payment. A couple of warnings and that's about it.
It's definately open to stupids who think they can make large payments. But that's not really the building socities problem.
Steve.
Well, not THAT open. If you don't pay you lose your house. Building societies really don't mess around when it comes to non-payment. A couple of warnings and that's about it.
It's definately open to stupids who think they can make large payments. But that's not really the building socities problem.
Steve.
31 July 2003, 01:41 PM
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Bravo:
Lots of companies. You don't normally get discount rates or any other deals though.
Two clicks on Yahoo: http://www.marketplace.co.uk/mortgag...linkfrom=yahoo
Steve.
Lots of companies. You don't normally get discount rates or any other deals though.
Two clicks on Yahoo: http://www.marketplace.co.uk/mortgag...linkfrom=yahoo
Steve.
31 July 2003, 01:44 PM
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31 July 2003, 01:45 PM
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What p!sses me off is that the price of houses if far outstripping salaries. I would like to have a bigger mortgage but can't because the building society says I can only have 3 times my salary. Well on that basis I'm stuffed unless I get a job that pays £60-70k a year just so that I could afford a 3 bed house where I live [img]images/smilies/mad.gif[/img]
It is upto me what I spend my salary on and if decide I would like to stop spending it on all my luxuries and plough a lot more money into my mortgage then surely thats my choice.
No wonder so many people can't get on the housing ladder, if you earn upto say 30k which many people don't you still are limited to a property valued at 90k! Well where I live that doesn't even buy you a 1 bed flat, you would be lucky to get a bedsit for that.
Its a total joke and needs to be addressed immediately.
It is upto me what I spend my salary on and if decide I would like to stop spending it on all my luxuries and plough a lot more money into my mortgage then surely thats my choice.
No wonder so many people can't get on the housing ladder, if you earn upto say 30k which many people don't you still are limited to a property valued at 90k! Well where I live that doesn't even buy you a 1 bed flat, you would be lucky to get a bedsit for that.
Its a total joke and needs to be addressed immediately.
31 July 2003, 01:49 PM
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Bravo:
Where in Kent are you?
It's put in place as a "sensible" limit to protect you from yourself.
If you have a deposit, and the LTV is decreased, then I believe that building socities will go up to 4 times or higher these days.
Steve.
Where in Kent are you?
It's put in place as a "sensible" limit to protect you from yourself.
If you have a deposit, and the LTV is decreased, then I believe that building socities will go up to 4 times or higher these days.
Steve.
31 July 2003, 02:00 PM
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Steve I'm in Tunbridge Wells and the prices are obscene helped by the very helpful London traders who bought up all the property to force up prices and make a packet. Was all in the local press ages ago. [img]images/smilies/mad.gif[/img]
1 bed flats up the road from me went for £160k
Even the **** holes on the rough estates are silly money.
1 bed flats up the road from me went for £160k
Even the **** holes on the rough estates are silly money.
31 July 2003, 02:03 PM
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Hello
I'm just by Tunbridge Wells (in Crowborough), regardless of what my profile says.
Yep, stupidly priced area. The houses I wanted were £900K.
Move to Crowborough, much better value for money!
Steve.
I'm just by Tunbridge Wells (in Crowborough), regardless of what my profile says.
Yep, stupidly priced area. The houses I wanted were £900K.
Move to Crowborough, much better value for money!
Steve.
31 July 2003, 02:59 PM
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Quite a little gang of us around T Wells and Crowborough then! I am in Crowborough too.
Still find it remarkable that my 2 1/2 bedroomed bunny hutch that is suppossed to represent a house is worthe about £160K
Still find it remarkable that my 2 1/2 bedroomed bunny hutch that is suppossed to represent a house is worthe about £160K
31 July 2003, 05:40 PM
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I've had a self-cert mortgage from Bank of Scotland for the last 5 years. They're superb, not just because they mean you can borrow more (assuming you can service the debt) but also just because I hate messing around sending bank statements, accountants reports, company accounts, etc.. I much prefer just writing a figure, and doing nowt else. 
BoS allow you to borrow at 85% LTV (on their flexible 'personal choice' mortgage, with 4.79% APR), and 3 months into the mortgage you can draw down a further 5% if you wish, giving effectively 90% LTV.
I've always thought it was probably open to abuse, but frankly anyone who's stupid enough to borrow more than they can afford to repay deserves everything they get.
BoS allow you to borrow at 85% LTV (on their flexible 'personal choice' mortgage, with 4.79% APR), and 3 months into the mortgage you can draw down a further 5% if you wish, giving effectively 90% LTV.
I've always thought it was probably open to abuse, but frankly anyone who's stupid enough to borrow more than they can afford to repay deserves everything they get.
31 July 2003, 05:53 PM
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MarkO have you got any links/info on that mortgage product because I wouldn't mind looking into taking it out after doing some figures seeing what I can afford etc and then maybe then speak to a financial advisor?
I am fed up with being limited to 3x my salary when I know others are lending more.
I am fed up with being limited to 3x my salary when I know others are lending more.
31 July 2003, 06:23 PM
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Bank of Scotland, mortgages direct. IIRC their phone number is 0800 810810 for new applications; if that's not the right number, their customer services number is 0800 838549.
We had the Personal Choice product, which is a variable rate flexible mortgage with drawdown and overpayment facilities, so you can make extra payments or draw down extra cash without penalty.
Their mortgages have daily interest rate calculations (in fact, along with Abbey Nat, they were one of the very first companies to do flexible mortgages which were good for us contractor types, back around 1995.
Although we don't have a house with them at the moment, we've been with them for the previous 5-6 years, and will be using them again when we do finally buy again (). Not only are their rates competitive, their lending parameters relaxed, and their products flexible, but their customer service has been infallible for us too (as demonstrated here).
We had the Personal Choice product, which is a variable rate flexible mortgage with drawdown and overpayment facilities, so you can make extra payments or draw down extra cash without penalty.
Their mortgages have daily interest rate calculations (in fact, along with Abbey Nat, they were one of the very first companies to do flexible mortgages which were good for us contractor types, back around 1995.
Although we don't have a house with them at the moment, we've been with them for the previous 5-6 years, and will be using them again when we do finally buy again (
). Not only are their rates competitive, their lending parameters relaxed, and their products flexible, but their customer service has been infallible for us too (as demonstrated here).
31 July 2003, 06:41 PM
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Thanks very much for the info! 
Had enough of Abbey National messing me about and want to get a bigger place next year as my 1 bedroom flat feels like a prison cell and want my son to have his own room so he can stay over instead of at my parents Hopefully I can borrow a bit more with them and see what I can afford to buy.
Had enough of Abbey National messing me about and want to get a bigger place next year as my 1 bedroom flat feels like a prison cell and want my son to have his own room so he can stay over instead of at my parents
Hopefully I can borrow a bit more with them and see what I can afford to buy.
31 July 2003, 06:52 PM
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agrhrgrhgrhr this has been covered already
markO & friends - http://www.scoobynet.co.uk/bbs/threa...hreadID=156276
markO & friends - http://www.scoobynet.co.uk/bbs/threa...hreadID=156276
31 July 2003, 06:55 PM
#26
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LOL - SIAL mortgage topic?
The difference here is that in the other topic, apples was trying to see if he could borrow a couple of hundred thou' on a self-cert to let out the house, and didn't have a clue what he was on about. Whereas Bravo seems to be a little more clued up.
[Edited by MarkO - 7/31/2003 6:56:34 PM]
The difference here is that in the other topic, apples was trying to see if he could borrow a couple of hundred thou' on a self-cert to let out the house, and didn't have a clue what he was on about. Whereas Bravo seems to be a little more clued up.
[Edited by MarkO - 7/31/2003 6:56:34 PM]
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