MarkO

Right, so we're going to need a mortgage - self-cert, of course. BoS will lend at 85% LTV on about 4.7%, but I'm sure we can do better than that. Don't mind locking in to a fixed rate for 2-3 years, on the basis that it's 99% certain that rates aren't going to go down in that period (and if they do, it won't be by much), but it's fairly likely that they might sit up a bit during that time.

Where's the best place to look? ThisIsMoney.co.uk don't seem to list self-cert mortgages (well, not that I can find, anyway).

paulr

Just out of interest whats a self-cert mortgage?

imlach

a self-certification mortgage is one whereby the lender does not require you to prove your earnings etc. I *think* you have to get a letter from someone (an accountant/PFA) to state you can afford the repayments, but that is it.

It is meant for self-employed etc. Generally, the rates on offer won't be as good as "normal" mortgages.



[Edited by imlach - 9/24/2003 2:28:59 PM]

paulr

I see.

Sue

Abbey National 3.85% Base rate tracker discount for 2 years

Mortgage Express 4.99% Fixed until 3.12.05

Those were quoted to me just before the recent reductions in base rate so may be lower now
I have 4 self cert mortgages (mix of interest only ,Buy to Lets, and repayment) and the above Co's together with Intelligent Finance at 4.95% have been the best lenders

imlach

Std Life also do 4.75% fixed, but not as good as your 4.7%.

Abbey National is now known as Abbey!!! Doh!

[Edited by imlach - 9/24/2003 2:36:56 PM]

MarkO

You don't need any proof of earnings with a self-cert, not even a letter from an accountant. That's the whole point. The only rule is that the LTV can't be more than 85% (although some ask for a lower %age than that).

Thanks for the tips though guys - I'll check out Abbey and the others mentioned.

fast bloke

you can go up to 90% with Mortgage Express and Amber

carl

We're on base rate+1% variable on a self-cert.

MarkO

Don't really want variable, since rates are only likely to go up. RBOS gave us the option of a 4.7% variable self-cert, but tied in for 3 years. I can't see why anyone would go for a variable that's tied in!??!

carl

Well the rate usually only goes up or down in 0.25% steps, so you've got to have a lot of rate increases before it becomes a problem. Ours isn't locked in, so if the interest rate starts to look dodgy we can always ditch it for something else.

PS: When we organized ours about 9 months ago, I thought "rates can only go up". Since then we've had two rate reductions -- one just after we'd moved in (and before we'd made the first payment) and one last month

[Edited by carl - 9/24/2003 3:39:14 PM]

MarkO

Yeah, but the point is that once rates start moving up, you've missed the boat. And sure, rates might drop, but they're not likely to drop by much. 12 months ago I had a punt that they might drop by another .25-.5%, but I can't see that happening now. And even if they did drop, it wouldn't be too much of a worry, whereas if they went up I'd like to know my rates aren't going up with 'em.

Can anyone tell me how to get to the Self-cert page on Abbey's website?

apples24

iTrader: (1)

can someone explain to me meaning of LTV etc???

so if you want a 80k house on self cert what sort of percentage deposit is required?

imlach

If the house is valued at £80k, 85% LTV means you can borrow £68k (85% of 80k)

apples24

iTrader: (1)

ta thought it was that was just checkin

so how easy/ complicated is the procedure? what sorta other fees etc

Scoob99

iTrader: (1)

We have just taken the Abbey national 3.85% got a great deal.

Chip

LTV= loan to value.

Chip.

MarkO

Bravo, there are plenty of good calculators out there - just stick 'mortgage calculator' into google. I found this one did the job.

Can't find a link to the Abbey self-cert mortage - anyone here got one? According to Charcol, the best self-cert fixed rate is 4.69% with the Halifax for 40 months, although I can't quite believe that's the best deal myself. Having said that, self-cert rates are always fractionally better than 'normal' mortgages.

MarkO

LOL. Just spoken to Abbey direct (called 'em on 0800 555100). They don't have any self-cert products....

MattN

do Bos advertise their self cert mortgages on the website - I find most don't.

I'm with the woolwich at the moment and am tied in for another 15 months but wanting to move they will only go to 80% LTV so 85% may solve my problems...

MarkO

BoS don't mention self-cert on their website. However, they do do them, although only on variable rates - they don't do fixed rate flexible mortgages. Give 'em a call on 0800 810810 if you want to find out more.

Had a look for mortgages using Charcol's mortgage finder wizard. Came up with a 3-year 4.25% fixed rate self-cert mortgage from the Halifax. Should do the job nicely, with a bit of luck.

fast bloke

Erm... Abbey have 27 different self cert products. They only go to 75% LTV

Call them and ask them about product code "VT045 2yr T+0.1 emp S/C"

It is a BOE base rate +0.1% tracker, so at the minute it is 3.6% for two years.

If it is a remortgage use product code VT039 and you get free conveyancing and valuation.

The new 'Abbey' website is still goofing around, but if it is back to normal tomorrow I will give you a pointer to the appropriate place

fast bloke

If you are looking for a fixed rate with Abbey try FD126 online. It is 4.25% fixed for 2 years. (You can only get this through an intermediary)

MarkO

Ah, fb's hit the nail on the head. I spoke to Abbey direct, and she did say that some brokers can arrange self-cert, but they don't do any themselves when you go direct. But TBH 75% LTV is a bit sh1te really - it'd mean coming up with another 10k in cash which I'm not interested in doing.

fast bloke

Mark - How much are you looking for and how much deposit? I can check out about 6000 deals in a couple of seconds

MarkO

Okay fb - YHM.