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Original poster

100%mortgage?

15 replies

ivet83 · 17/02/2006 18:05

is 100% mortgage self certifide?i mean do you have to diclare you income to get it or you don't have to give proof of income?

OP posts:
goldstarlover · 17/02/2006 18:08

yes you have to declare your income so that they know you'll be able to make repayments

GDG · 17/02/2006 18:38

Not sure - normally you have to prove income. Not sure if self cert mortgages lend 100% without proof?

HRHQueenOfQuotes · 17/02/2006 18:39

why do you need to self cert - I thought you said your DH had a good income??

Aero · 17/02/2006 18:39

Think you'd have to provide proof of income for any mortgage. What is self certified? Not heard of that.

HRHQueenOfQuotes · 17/02/2006 18:42

they're a risky way of borrowing money (probably not the best link but can't be arsed to look far).

fastasleep · 17/02/2006 18:44

You have to give proof of income, we have one as DH was renting and then I fell pg and we were all in a rush to move before the baby came... it's not bothering us at all, cheaper than renting was... (then again it is a mortgage for a piffling amount of money! V cheap house!!)

if you can do it another way then do if it means 10 grand's difference on a house then go for a better mortgage!

Nemo1977 · 17/02/2006 18:44

we have a 100% mortgage and we ad to prove our income and go for medicals etc.

Aero · 17/02/2006 18:48

Thanks QoQ.

Original poster
ivet83 · 17/02/2006 18:56

my husband has a good salary but i don't so still not enough

OP posts:
GDG · 17/02/2006 19:25

Self cert mortgages are not risky at all - only in the sense that, in theory, you could borrow more than you can really afford. If you then default on payments you are in trouble a) because you are in arrears and b) because you got the loan fraudulently (sp?)

They are still normal mortgages by the same people that lend the straightforward fixed rates etc and they have pretty good rates of interest too - you don't necessarily pay more for them.

I don't know if it helps but Northern Rock lend based on your credit rating - they run a quick check using your basic details. If your rating is high they lend 4.1x your joint salary, if it's medium I think it's 3.8 joint salary. Can't remember what it is if it's low. We just got a mortgage with them and because our rating was high they offered us 4.1x our joint salary and require no proof of income (we don't need that much, but that's what they offered).

I'm sure if you go to an IFA they'd be able to find you what you need.

Orinoco · 17/02/2006 20:36

Message withdrawn

littlemissbossy · 17/02/2006 20:38

all mortgages require you to declare (and prove) your income otherwise it would be open to fraud

Orinoco · 17/02/2006 20:56

Message withdrawn

GDG · 17/02/2006 23:29

lmb - we didn't have to prove our income at all. It was all based on credit rating.

GDG · 17/02/2006 23:29

True, we didn't lie about our income either though - yes, that would be fraudulent.

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