[P @ F]

Hi guys , well peed off , been looking around for a mortgage offer , but because i dont have 2 years of books to give im being told "NO "
 I HAVE 9K as deposit on a house for 118K and its not enough for them .
Are there any companies any of you peeps have delt with that can offer me somthing ?

 Please help ,   Rich P @ F   

[master cleaner]

ask a financial adviser for a self cert mortgage it is about the only way you will get one i had the same problem and i only wanted 47k i had 9 years of accounts but my accountant kept my accounts low i went with abbey fixed rate in the end

gary

[macc]

im with abby & they were great, if your books dont give you enough like gary said they do self cert. 

[Paul Coleman]

Hi guys , well peed off , been looking around for a mortgage offer , but because i dont have 2 years of books to give im being told "NO "
 I HAVE 9K as deposit on a house for 118K and its not enough for them .
Are there any companies any of you peeps have delt with that can offer me somthing ?

 Please help ,   Rich P @ F   

I know the others are saying go self cert but it's not always possible. Self cert usually requires a much higher deposit (often around 25%) as you are finding.  I don't know my way around the mortgage market but if you do get a self cert mortgage with a deposit that you have, be prepared to pay a much higher interest rate.  This might be fine to get you on the ladder as a stopgap but beware of the possibility of house prices taking a dip at some point.

[Lee.]

try this:

http://www.ucbhomeloans.co.uk/

I rent but my friend uses them. He recommended them to me, but I just cant raise any deposit on the rent we have
saving for wfp, hoping it will make a diffrence.

[mark6765]

i have used ucb home loans
the woolich, birmingham midshires and northern rock.
all of which were self cert with a 15% deposit.
and mostly they were 1% above base rate after the
reduced period of 1 to 3 years.
i just remortgage when the reduced period tie in finishes.
hope this helps

mark

[Ian_Giles]

It is one of the really annoying problems with being self employed

For tax purposes our income is shown as low as possible, for the purpose of a mortgage they are not interested in what your business turnover is, its the profit bit they want to see...the bit you actually pay tax on

Even when you do have sufficient accounts for them to look at, your income will still look pitifully low.
If you can find a good, honest financial advisor they should be able to help you...finding one is the problem....

Ian

[Grafters Cleaning Services]

try cheltham and clouster via lloyds bank i got mine through them

[busydaffodil]

Birmingham midshires.....excellent self cert mortgage deals.  No application fee, no proof of income req'd.   Your going to struggle with only £9k deposit.  Most self certs require 15 - 25% deposit.  Your £9k is approx 8%.   

If you really want that house and can afford it, you could always take a loan out for the deposit shortfall.   Be aware of your monthly outgoings with mortgage AND loan though........can you afford them all?

Good luck

[Trademark WC]

I just bought A 2 bed house for 190k had to put down 28K deposit and we are still gonna be paying a higher rate on the mortgage? Not the best way to do it but you have to get on the ladder some time we are planning to re-morgage in 2 years.

Rob

[P @ F]

Thanks peeps , will look into that , i have found a company today who want 10% down with self cert , should find out more soon , if i get a good result i will post it up , it may well help some of you guys

  Cheers Rich  P @ F 

[Paul Coleman]

Thanks peeps , will look into that , i have found a company today who want 10% down with self cert , should find out more soon , if i get a good result i will post it up , it may well help some of you guys

  Cheers Rich  P @ F 

That sounds an unusually good deal.  Not wanting to deflate your hopes, I would be interested to know two things however.

1)  Their valuation of the property.  Sometimes, companies who offer such deals tend to undervalue a property that is being purchased.  This effectively means that you could need to find the extra money to top-up (effectively a bigger deposit).  Sometimes the "higher risk" is covered by a larger than usual, upfront, "arrangement" fee.

2) I would be intersted to know what interest rate they will be charging.

Also, sometimes these companies insist on doing their own surveys at an inflated rate too.  They then offer a really bad deal which, by refusing it, you forfeit the surveying fee.
Sorry if I sound a bit sceptical but I have heard of all these little tricks of the trade at various times.  I may be wrong and it turns out to be just fine.

Generally, it is hard to get away from the basic fact that the higher the perceived risk to the lender, the more you pay one way or the other.  Hopefully, they will value fairly and only cover their extra "risk" by a higher interest rate.  At least this will allow you to switch lenders several years down the line.

Best of luck.
I will be interested to hear how you get on.

[Moderator David@stives]

The Abbey ,halifax and bank of scotland do good mortgages for self cert.

mine is with bos and i am paying 1% above base.

I got offered 1% under with the halifax on a mortgage transfer.

[busydaffodil]

You could always remortgage your present property to raise the finance? Or are you selling it?

[twt]

just got a 100% mortgage with the co-operative bank they accepted three years of books which were printed off the inland revenue website, think they are quiet flexible and the rate i got was better than some others with a deposit.

[Central Window Cleaners]

Try Northern Rock they do great self cert's and also do 125% morgages. We have used them a couple of time now.

[P @ F]

PANIC OVER FOLKS !
Thanks for the input , its all sorted now , i had to sell 2 of my BMW's to raise the extra cash for deposit , ha ha listen to me 2 of my beemers !
You wouldnt think im on my arse reading that ! , its ok though , i still got my best one left !
Offer has been accepted and the mortgage too , company called Kensington , 1% above the high street lenders , so its not all bad.

 Thanks again peeps .

      Rich   P @ F   

[H h20]

Nice one Rich,so you are now officially on the property ladder 
and not to make you feel any worse after getting good news 
but i paid £29,500 for my 4 bedroom house  ,Gaz

[Moderator David@stives]

PANIC OVER FOLKS !
Thanks for the input , its all sorted now , i had to sell 2 of my BMW's to raise the extra cash for deposit , ha ha listen to me 2 of my beemers !
You wouldnt think im on my arse reading that ! , its ok though , i still got my best one left !
Offer has been accepted and the mortgage too , company called Kensington , 1% above the high street lenders , so its not all bad.

 Thanks again peeps .

 Rich P @ F

Read the smallprint with Kensington .A friend had to pay over 10k penalty  to swith mortgages .Also make sure the interest rate they charge does not go up after the initial discount period which usually happens with kensington mortgages.
They are normally for people with adverse credit.

Dave