Morgages????

I've never known anyone to accept a 5% deposit for a self cert unless you find a house with some sort of builders incentive ie where they put 5% down and then you put another 5% down. Or if youve got 3 years accounts, or sometimes 1-2 years with a future projection that normally is fine.

i'venot done whole of market for a while so not exactly certain which is the ebst lender at the mo, but it used to be RBS or Abbey but Abbey can be a rght pain in the butt for accounts etc.

With regards to wht you're looking at, most lelnders now look at affordability rather than income multiples so it depends on what loans and cmmitments you currently have. For example, where I work now (HSBC) you have to have 40% of your net incomes spare after taking mortgage costs into consideration. If youve got any questions I'm happy to answer them for you but some info maybe about a month out of date with regards to rates etc.

But like Dan said, look at costs and ask for a Key Facts Illusration which you should get by regulation and this helps compare mortgages exactly. Look in box 6 and it tells you how much you will pay overall and the APR rate which takes into account charges so although you may be payng less each month to start with, it may actually cost you more in the long run.

What I wuld do is if you have any doubts that you may have something on your credit file, I'd go to a lender and get an agreement in principle which is a credit score to see whether you can get a mortgage through the high street first, that'll also give you a rough idea of what you can get up to. If you have something on your credit file then you'll be more than likely to have to go through an independant financial advisor who will charge a fee normally a large one which will be about the same as your deposit!!!!

@ natalie , i didnt end up going the self cert route in the end , thats how i got it down to 5% !!

took pulling a few strings to avoid that tho !!!

yeah its amazing how you can get round it sometimes!!! some back street advisors (including the one i used to work at) use some well dodgy tactics, ive just been on a course with my new job and it makes you totally realise how many corners they cut and how dodgy they actually are!!!

Yeah cos most of them are determined to get you the mortgage one way or another thru them so they still get their fee's !!!

I think it helped my case putting quite a large deposit down tho and that my credit file even tho it showed up id had problems in the past with debt etc the fact that id recently cleared all that helped as well !!!

I used Bairstow eves btw ( party of country wide property etc ? )

i had an interview with them when loking for my new job but wasnt too sure they were all too decent and wanted to go somewhere with a quite high profile. most places other than banks are charging fees these days and i felt really bad making people pay them when they didnt have too!!!!

I didnt have much choice , the banks were only willing to lend me 100k - 120k tops

Yeah I know, its cos they have wider access to people, and more adverse lenders and ones who offer more income stretches, which lender are you going through?

Go see an independent mortgage advisor.

It costs you nothing.

They get their fee from the lender that you end up going with.

you have to be really careful when going to an ifa cos some dont charge a fee and rely on the fees paid by the lender to them but loads loads more do charge fees. some hide these also by adding it on top of your mortgage and you end up paying interest on it over the 25 years of your mortgage!!!

if youre going to an ifa, then they always know who they will place you with, so ask them who they have in mind, and if possible get an agreement in principle but dont sign anything at all. once you find out who the lender is i would go direct to them, that way you will also be cutting ot a middle man, whic often complicates things, lenders prefer customers to go direct to them so they dont have to pay out fees.

Re: Re: Re: Morgages????

Try the excellent

http://www.fool.co.uk/mortgages/compare-mortgages.aspx

which talks you through the process step by step, including mortgage calculators so you can work out how much you can borrow.

Basically they recommend to avoid your own bank and shop about.

Go for an independent, fee-free mortgage broker and make sure they are looking at the whole of the market for you, not just a few select lenders.

Self cert mortgages are ones when you declare your income but don't have to prove it.

I only ever worked in remortgages, which was for the majority self cert as it was existing customers.

I would assume as first time buyers you would need the usual six months (or is it thre) of payslips or tax returns and your accounts if self employed, I think they require a couple of years if you are self emp but not 100 per cent.

Then there is life assurance to consider, and obviously home and contents, which can all be shopped about for on www.fool.com

Hope this helps.

word to that, some of the IFAs we dealt with were sneaky as, only the Cemap qualified were allowed to talk to them.

All Porches and sexual innuendos when they rang us "Are the fees big? Do you like it big?"

In the last two years I've spent four times what most spend on their mortgage.

I'm sick of pissing my money into the wind - buying seems the only sensible option... theres also no conclusive evidence to suggest that house prices will drop... and even if they did... they'd rise again.

it's weird when people say "i'd rather pay rent" - WHY??!?!? you're contributing to NOTHING - atleast with a mortgage you're paying towards something you own and you'll get something back


aslong as you're realistic with your money - you won't screw up

you've spent £50,000 on nothing, by now you could of bought and sold several houses and been some way up the property ladder!

instead you've got nothing to show for your investment but a few memories... I'd rather not make the same mistake

if you've spent 50k on rent, thats nearly 10k a year... thats much more than most people spend on their mortgage.

Just in the middle of buying my second house now, been living in rented accomodation for the last 2 years while my other house was up for sale ( for complicated reasons ) and i have wasted 10k in 2 years on rent alone !!!

Prices are far higher than when i got my last mortgage 8 years ago , but when you find that perfect house it just has to be done !!