B9GLY

Can you get a 100% self cert mortgage???

B9GLY

any1 know?

RMA26

Yes, John Charcol used to do them

PeteBrant

Self certs used to insist on 20% deposit , which I think was reduced to 10% by most lenders. I would be surprised if you can get 100% - But I could well be wrong.

davegtt

How do you go about getting a self cert? Do the rates differ from the average mortgage on offer?

RMA26

No idea, Dont have a mortgage yet mate

You can def get em

3times

Can you let me know where as I write, on average, 5 mortgages a week and the best I have seen is 90% self cert, and that is only available in ltd tranches.

davegtt

OK lets say I want a 90% self cert mortgage, where would I go and find one?

paulwrxboro

pick up the exchange and mart loads of companies do them in there
and id agree 90% / 80% is the norm
who would give a 100% morgage to someone with no proof of income how would they get there mony back if it all gos **** up

3times

any decent IFA that has a mortgage specialist. phone around though as some do take the rise with fees. try to avoid IFA's that do not give much advise on mortgages as they will possibly not have the contacts or sourcing systems,

KiwiGTI

You can definitely get 100% self cert but the limit is usually £150,000. Above that the minimum deposit is 10%.

3times

Can you back this up by telling us where from, as I know plenty of people that would take advantage.

Robert Rosario

Sorry, next time I will work for nothing. My mistake.

To answer the question, yes you can get them, any decent IFA or "mortgage broker" should be able to source you one, but then again, if this is your only option to buy a property, I would respectfully suggest that you save up some cash first to get a better deal.

Any 100% self cert is going to be poor value for money, compared to what you could get if you could get a bit of a deposit together.

KiwiGTI

I'll try and find the details. It was from an "ethnic" mortgage broker (but the mortgage was from a proper bank) Advertised in the back of a community newspaper.

B9GLY

My situation is that the wage that my and the missus bring home only gets us about £100kish from mortgage companys, i bought my first house last year and am looking at moving, im looking for approx £120k, i can afford to pay an extra £100-150 a month for the extra mortgage so i thought self cert was the only way to go, what do you think???

TopBanana

I think you should ask your existing mortgage company first

Dream Weaver

Find a good IFA and they will do everything and it won't cost you a penny (they take commission from the mortgage company).

To answer some other questions, they don't really differ in the interest rates either.

davegtt

the PITA for me is I want to stretch the mortgage over 40 years if I decide to go down that route, not decided on anything 100% yet though.

B9GLY

does any1 do 40yrs??? i thought the max was 35?

davegtt

Dunno about the self cert thing cause I never looked into it but I know some lenders do the 50 years thing but I just need to stretch it out over a slightly longer period to get the payments down for a while. Like I say Im not 100% sure Im going down that route anyway but looking to buy a property if need be and I'll only be using my wage which Im only allowed about 100k and I need ideally about 120k.

3times

Not at all. I was refering more to how much is charged. I charge fees, offset by the proc fee. I have a minimum I need to earn per mortgage and adjust accordingly.

Robert Rosario

Fair play. Sorry for any misunderstanding.

Incidentally, I work the same way.