Self Employed, mortgage approval problems.

M

markesmith

Registered User
Messages
13
Hi,
I wonder if anyone out there might have some advice for a self employed person (me!), who's trying to get a mortgage with non-extortionate monthly repayment rates...

Here's a little potted history of my predicament.

I bought a house 4 years ago with my brother. It has risen in value, naturally, and now I want to buy him out (which he is amenable to). Problem is, although my business is going well now, I had one bad year accounts-wise, which is messing up my earning rating with potential lenders. GE are willing to give me the money, based on self certification rather than yearly accounts, to buy my sister out and take over the mortgage, but the monthly repayments would be crippling (3K more per month than the current figure).

Is there any other lender out there who will accept self certification, or can anybody suggest any other options I might have. I'm using a broker, but he's telling me that since Bank of Scotland turned me down, GE are my only option!

Yikes.

Help!
 
I believe NIB offer self-certification.

I'm not sure if any/all brokers deal with NIB.
 
also self-employed and have looked into switching mortgages recently. i have no affinity to REA but they were very helpful when i asked about getting a mortgage and i feel they have good relationships with the banks. as far as i know there is a REA rep that posts here sometimes and she might be able to help you. i think it'd be no harm in getting another broker to look at your situation.
 
self cert mortgages are difficult to find in Ireland, you will have to go direct to NIB as they don't deal with brokers, GE & Start offer them but as you have seen at higher rates, BOSI used to do self cert mortgages but tightened up their criteria and offer a loose version of a self cert mortgage now

depending on what you mean by a bad year, other lenders could look at an average of your last 3 years, if this income is sufficient then you wouldn't need a self cert mortgage

DeirdreL

www.rea.ie
 
Thanks DeirdreL, I'll talk to NIB and see if they can offer me anything. The problem with my 'bad year' was that it was 2 years ago so it's dragging down my 3 year average for all the other lenders.
 
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