self certificate mortgage... how easy?
#1
Scooby Regular
Thread Starter
iTrader: (1)
Join Date: Jan 2002
Location: southampton
Posts: 4,067
Likes: 0
Received 0 Likes
on
0 Posts
i believe you dont have to prove income and merely sign to say can afford payments???,
im a first time buyer and currently live with partner in council property but wish to buy a flat to rent out, not sure if its easier to decare my intentions of renting it out or not? the mortage has to be in my name cause if in partners also we would loose the council property.
im self employed and hold 4 credit cards and contract phone etc, have a healthy personal bank balance and can show statements from the last year, no ccjs etc or bankrupcy.
i suppose id prob need 80k maybe, but at the mo could prob only afford a deposit of 5k cash due to a lot of cash tied up in vehicles and need it to stay that way for me to earn my living
am i stuffed?
if not whats involved, what paperwork is needed etc
im not looking at making a profit really but i figure i cant go wrong for now aslong as rent covers the payments ( thats alone i know is dificult)
[Edited by apples24 - 8/21/2003 5:49:30 PM]
im a first time buyer and currently live with partner in council property but wish to buy a flat to rent out, not sure if its easier to decare my intentions of renting it out or not? the mortage has to be in my name cause if in partners also we would loose the council property.
im self employed and hold 4 credit cards and contract phone etc, have a healthy personal bank balance and can show statements from the last year, no ccjs etc or bankrupcy.
i suppose id prob need 80k maybe, but at the mo could prob only afford a deposit of 5k cash due to a lot of cash tied up in vehicles and need it to stay that way for me to earn my living
am i stuffed?
if not whats involved, what paperwork is needed etc
im not looking at making a profit really but i figure i cant go wrong for now aslong as rent covers the payments ( thats alone i know is dificult)
[Edited by apples24 - 8/21/2003 5:49:30 PM]
#3
you usually need about 15% deposit for a true self cert.
You could go for a buy to let mortgage. They are similar rates to self cert and you might get started with a 10% deposit (8k). If you are stuck get a personal loan for 3k, as the lenders only want to see that you have a deposit and the rental yield is more than the mortgage payment.
Don't keep quiet about letting it if you go for a self cert. This could be grounds for the mortgage company to repo the house and it has no real benefit
You could go for a buy to let mortgage. They are similar rates to self cert and you might get started with a 10% deposit (8k). If you are stuck get a personal loan for 3k, as the lenders only want to see that you have a deposit and the rental yield is more than the mortgage payment.
Don't keep quiet about letting it if you go for a self cert. This could be grounds for the mortgage company to repo the house and it has no real benefit
Thread
Thread Starter
Forum
Replies
Last Post
Mattybr5@MB Developments
Full Cars Breaking For Spares
28
28 December 2015 11:07 PM
Mattybr5@MB Developments
Full Cars Breaking For Spares
12
18 November 2015 07:03 AM
Pro-Line Motorsport
Car Parts For Sale
2
29 September 2015 07:36 PM