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House Price Crash Forum

umm

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About umm

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    HPC Newbie
  1. Bank statements and good faith! you genrally know who is genuine and who is not. for example i had a guy yesterday 20% deposit told me he earnt 40k per year and i found out he actually earnt about 18k. i asked for his bank statements and it showed his income being credited in to his account. (numb nuts!)
  2. below 75% even if they provide me with p60 payslips, as many as i can !!!!!(providing it fits the lenders criteria!). above 75% only those that cannot prove there income but can demonstrate to me that they can afford it ,self-employed, maintanance income, cash work ect. Needless to say you do still get clients who think if they have a sufficient deposit thay can borrow what they like!!! well not the case with me!!!!!!!!!!!!!!!!!!!!!!!!!!!
  3. As a reputable broker i would never advise people to overstretch , and the main reason i would put a case through self-cert is that it is a lot quicker to get a mortgage offer out than a full status case(only below 75% ltv). below 75% most main stream lenders will not require proof of income, whilst having all of the lenders standard product range. thus making it a lot less painless for both me and my clients. As i said before in the right hands self-cert is a great tool!!!!!!!!!!!!!!!
  4. last year i would say 40% self-cert 50% traditional and the rest buy to let, and a little sub prime. Now it is more traditional than anything else partly due to the fact that since the self cert market got slated the lenders are offering higher income multples. i will say used in the correct manor self-cert mortgages are great ! self-employed , second incomes , cash income ect. it all started going tits up when the lenders allowed employed people to self-cert aswell as self-employed, well most employed people do not need to self-cert because the p60 and wage slips should tell the lender ex
  5. Being a mortgage broker myself i know first hand how it is. 1- self-certs are still around and will be for forseeable future.(even if they do call it something else) 2-yes the market has slowed as we all know but my business this last 3 months was only very slightly down on this time last year. 3- The only thing the fsa have done is make a very simple process very very confusing for the consumer. 4-The only brokers that have failed to register or declined by the fsa are the cowboys that should not have been trading in the first place(good news for the likes of me) 5-NO CHANGE APART FROM
  6. well here goes! 1. Basic Salary: £20000 2. Non-regular/other annual income: £24000 (Mortgagebroker mostly comm!) 3. Income from Dividends: £0 4. Annual Rental Income (if landlord): £0 5. Income from other investments: £0 6. Capital currently in property:£88000 7. Capital currently in shares: £0 8. Capital currently in commodities: £0 9. Capital currently in other investments: £0 10. Cash in bank, savings, ISA, etc:£4500 11. Annual gross interest earned on savings:£225
  7. Been out looking in the kent(south east) area and prices appear to have stopped in there tracks! Anyone else agree / disagree?
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