please help. guarantor mortgage and self employed?
if i had a guarantor for a self certifed mortgage would this help?
how is some one who is self employed who cant get 25% deposit ment to get a mortgage? are we ment to go home less?
- ImpartialLv 41 decade agoFavourite answer
Some lenders still accept guarantors on mortgages but this will not necessarily lead to a mortgage application being agreed. A guarantor is saying that they will pay the mortgage if you can’t so their finances and any commitments are also considered in an application form. Unfortunately at the present time there are very few self-certified mortgages in the market and lenders have increased their requirements for potential borrowers at the higher end of the market (those with less than 25% deposit). I would speak to a broker who will be able to look at your circumstances and hopefully recommend a lender accordingly.
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.ukSource(s): Peter O’Donovan, Head of Mortgages, Bestinvest Brokers (Ltd) Bestinvest provides independent investment advice, investment management and financial planning services to individuals. With in-depth analysis, precise tracking and experienced advisers, we work to help you create, protect and enhance your wealth.
- 1 decade ago
I have a self certified mortgage as my husband is newly self employed. We took the mortgage out in july 2008 and as we were exchanging, our deals were being pulled from the market and instead of a £600 mortgage we now have a £800 a month mortgage.
Im sure you are aware you will pay more in the long run for a self certified mortgage but if you are desperate to buy a house as we were (we were homeless with 3 children!) then go for it.
We are with First National and the deal was only available through a broker. Speak to a whole of martgage mortgage broker and they will point you in the right direction
- CalaLv 71 decade ago
A self cert mortgage means that you declare your income and the bank lends accordingly. If they are asking for 25% deposit it's either because you are trying to borrow more than your income allows or because they want you to prove your saving capacity. Banks take a chance lending to people who don't have a guaranteed income, but they do lend to them. A Guarantor may help, but the bank may still want a large deposit.
- staeblerLv 44 years ago
properly performed on getting the ten% deposit. you do not say how lots your spouse earns, and doubtless she would be waiting to be on maternity bypass away quickly. some creditors will settle for tax returns as evidence of income - do you have those ? Dad not likely to be proper as guarantor by using his very own circumstances. purchase to permit not appropriate to you. have you ever considered shared possession schemes (section hire, section purchase). you fairly need to talk to an self sufficient loan Adviser, and be very careful of amateur solutions,