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]

My self cert mortgage was from Abbey National , arranged through a mortgage brokers called on-line (not sure of their number at mo' but can find it if you want), they sorted mine a treat ..... And brought my repayments down as well!!

Nate.

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