General Betting
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Wonder if anyone can shed some light on what the current mortgage situation is . I spoke to a mortgage advisor today who informed me that my 25% deposit was basically useless if i couldnt provide proof of earnings, would be looking at 50 odd% before id even be considered.
Planning on speaking to a few more tomorrow, but is this the norm at the moment?
Planning on speaking to a few more tomorrow, but is this the norm at the moment?
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spparently self certs are very hard to get now
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self certs almost impossible to get now, would be interested to know how you get on.
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Probably best asking on the financials forum. A few in the know re mortgages.
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As a mortgage broker I believe there are no new self cert mortgages in the UK, however you can get one if you are already on an existing BM solutions mortgage. If you have an accountant use him to verify your income and then you should be fine in getting access to a wide range of mortgages. If you don't have an accountant then you will have to rely on tax returns (sa302s) to verify your income. Tax returns only take account of earned income so if you are "making a living" of betfair then you will be stymied.
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Get a Buy To Let mortgage then live there yourself. An expensive solution but it works.
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testing
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Man of Mistery,
Thats actually not allowed, and there are also insurance implications! |
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Thanks for letting me know hummingsox. I thought it might be against some rule in this over regulated world. But, nevertheless, it does work. It will achieve a self cert mortgage advance. But with risks which someone might wish to explain?
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Man of Mistery,
On every copy of the rules and conditions of mortgage you will find in the smallprint that you are not allowed to live in the property yourself. Okay, there is nothing to stop you from actually moving in, and how would they know anyway? But, since you have to insure the building, how do you do that? With an ordinary homeowners insurance, or a BTL insurance. The problems will probably never come, but suppose you had to make a large claim, fire or somesuch, then you would be on a sticky wicket for sure. Also the mortgage company would want to write to you from time to time, might put 2+2 together if they were writing to your BTL address I have had 17 BTL mortgages over the last 5 years and these terms and conditions have applied to all of them. I was thinking of moving into one of them once, but I dont like the risk. Just thought I would let people know, dont like to see anyone in trouble. |
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Thanks for explaining the risks hummingsox.
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It is worth knowing that lying to obtain funds is NOT a criminal offence.
Obtaining funds with the intention of not repaying is an entirely different proposition. Speaking as a former mortgage advisor specializing in loopholes, my best advice would be to read the small print and think outside the box. Lenders in the current climate must appear to be politically correct, but like lenders the world over, they can only make money to those who NEED to borrow. They need you, me, us more than we need them. Remember that when you are busy thinking outside the box. |
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pair up with someone else in same situation and live in each others houses :P
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Bung It On I can assure you that lying to obtain funds IS a criminal offence. The offence would be obtaining a mortgage advance by deception.
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Why do Betfair never make books on things i know about!
Yes it is deception, that does not make it a criminal offence. |
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Unless the law has changed since 2004, then this suggests it is a criminal offence
http://news.bbc.co.uk/1/hi/business/3478635.stm |
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Look forget it. If you think that is how loopholes work this information is wasted on you.
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I think I may know what you're getting at. But please could you enlighten us?
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Bung It On 17 Dec 19:18
Why do Betfair never make books on things i know about! Yes it is deception, that does not make it a criminal offence. Hi m8, could you explian this please3 or give me a link where I could read up on it. Thanks |
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Basically, Bung It On is a former mortgage advisor who may have suggested to clients, in the past, to "think outside of the box" (does this mean lie?). He and his ilk should be put in prison, in the opinion of some people. Some accountability might have saved a lot of economic turmoil.
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the daza.
If we are aportioning blame then put it where it belongs, with the banks. They knew of the "frauds" and actively encouraged them to increase business. Mortgage lending had reached a peak, the only possible way to keep the lending going was to allow for fraudulent applications. |
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1hearts. Banks are by far and away the worst, I agree. But many shady characters were all too ready to take part in the glorified pyramid scheme that was the housing market over the past 10 years. Accountability should be held at all levels imo, if only to prevent the same happening again.
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I agree the dza. But the fact is individuals risk a term of imprisonment for obtaining a mortgage by deception. The lenders' chief executives are never prosecuted though for their part in the conspiracy to defraud the institutions they are supposed to protect.
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Looks like the self cert era of mortgages has come to an end me thinks. Just out of interest what are the typical terms of a buy to let mortgage? ie deposit,rate,proof of earings etc?
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JB Spoke to my Broker the other day and The Abbey are doing mortgages without too many questions as long as you have 25% to put down.
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I got a mortgage off the Abbey recently - borrowed a large sum but with a 40% deposit to put up against it. I had a relative with a massive income as a joint applicant (the greater part of my income is from punting so hard to prove) and it was still a massive struggle to get it done. Their call centre guys are helpful enough but the underwriters are just desperate to knock you back. I nearly cried with stress at times...
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50% was no good 6 months ago. But things are constantly changing, so its a matter of keeping ear to the ground and hedging your bets, trying various brokers, and making sure your credit rating is top notch if its the only way you can go. Avoid credit checks where possible but make sure you do at least get a decision in principle.
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jb..ican supply proof of earings..ive got some here..they really do exist..would you like me to send them to you
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