Sub Prime Mortgages

[mikebdomain]

Hi Andy

What you speak of is; 'self cert' and 'true self cert'

Some lenders require some evidence of your earnings e.g. bank statements or accountants verification commonly referred to as ‘self-cert’ and others require a signed self-declaration, commonly referred to as ‘true self-cert’.

It’s all down to lenders criteria and on some occasions the ‘confidence’ of the lenders underwriter on the evidence presented to them.


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[ginge]

Welshboy
thank you for telling me who the lender is.
i am a little confused as i have spoken to a broker that has stated that future mortgage do not have a product matching your description.
i have been told that future will only offer a 95% mortgage on a status basis but the iva must be satisfied for more than 2 years.
i have also been told that they do not offer 95% self cert. they will however offer a 90% mortgage on a self cert basis but the rate is for 2 years at 7.2%. please clarify as i feel you are misleading me as i have no reason to disbelieve my current broker.

[mikebdomain]

ginge

Different brokers have different exclusive products with various lenders, the product that welshboy refers to may well be an exclusive specifically designed for his company. I must admit we do not have access to this particular product that welshboy refers too, but we do have very similar exclusives with other lenders.

If your broker does not have this product or anything like it, I would have a ring around and discuss your options with other brokers.

Please remember that the rate is not the only important aspect of a mortgage product, the fees (arrangement fee and/or brokers fee etc.) may mean that the money you save on one seemingly low rate may in fact never save the money spent on fees - always ask for the mortgage product overall cost for comparison (shown on the Key Fact Illustration - KFI), this should allow you to compare one mortgage product with another.

[Welsh Boy]

ginge

Misleading you is a bit strong, I am telling you what was offered to me yesterday afternoon from a reliable source who has been packaging deals for me for many many years. The fact is some brokers as Mike has mentioned have a little more leverage with lenders because of possibly volumes of work being put there way others are rewarded financially by a more lucrative procuration fee, if you are totally happy with your broker show him/them a little loyalty and don`t play one off against the other, this is a huge marketplace and what is available to some possibly isn`t there for all. Tony