If you are interested in options for financing your home purchase or remortgage with the minimum of paperwork, without the need for accountants and other 3rd party verification please inquire below. Self Cert Mortgages for 2022!
For people who are looking for stated income finance in 2022, Ravenwood Services can often help people with a shortage of paperwork or contracts. Even now some lenders are willing to minimise your monthly outgoings with interest-only mortgages. Rate starts at 2% above Bank of England base rate, with some lenders offering deals with fixed rates for 2 to 5 years.
When it comes to credit scoring, self-employed will always score lower than full time employed. The laws in the UK protect the employed at the expense of the employer. What a lender really cares about is a borrower’s ability to service their mortgage. Back in the 2000’s self-cert mortgages were very popular Ravenwood Services can help you to find a mortgage that fits based on today’s lenders’ terms.
How many years of accounts if any are needed?
Two years of accounts from a reputable chartered accountant, a good credit history and an appropriately sized deposit are often all is needed. Many of the mortgages available via Ravenwood Services are the exact same mortgage products as for people with jobs. All the main high-street lenders are willing to accept the self-employed. Some very risk-averse high-street lenders like to see 3 years accounts. But there are many lenders that Ravenwood Mortgage Services know that require much less proof of income. Don’t forget if you have income from buy to let properties, bonds or stocks this may help you also.
Things that might help you:
The following are important but not mandatory: • A good credit score • Up to date accounts, both personal and for your company if you have one • Your SA302s from the inland revenue • Proof of other income including dividends from shares and rental income
What lenders want in 2022?
The more you can offer the lender, the better the deal you will get. Also the more you give to Ravenwood, the more lenders we can start a dialogue with minimising the risk of refusal. Ravenwood doesn’t want you to apply for mortgages you will get refused as it is not good for your credit score. We aim to get your mortgage application right the first time. If you have not got any accounts because you just have not done them and have not paid your taxes it would be unwise to tie up money in an illiquid asset like a residential or commercial property as it would be very quick and easy for the taxman to just take them.
UK Interest Only Self Cert Mortgages
Lenders recently re-entering the mortgage market are offering interest-only terms. Self-cert mortgages are back for the British people. Loan to value (LTV) for borrowers can be 80%, 85%, 90% and even up to 95%.
No Doc Mortgage – interest only?
If you are a high net worth individual and you simply want to cheaply lever up your home to maintain your stock portfolio, self-certification mortgages are an ideal opportunity.
US stocks are a little bit expensive now, but European and UK stocks are still relatively cheap considering how low interest rates still are.
Tipton and Coseley Building Society
Royal Bank of Scotland
Coventry Building Society
Yorkshire Building Society
Interest only lifetime mortgage Santander
Legal and General
Nationwide Building Society
Traditional lenders Loan to Income Ratios
Many mainstream good credit only prime lenders have an LTI ratio of around 4 to 4.5. Ravenwood has a lender that will consider applications with 6x wages mortgages 2022 at a very good rate below 85% LTV. Better rates at 75% LTV or lower. Also, we have a lender that will consider 95% LTV at 5.5 LTI.
Find out from Ravenwood about a good lender that lends to people with only one year’s accounts. These deals are nearly as good as Self-certified mortgage options from many years ago. In some areas where income was not great Self-certification mortgage penetration was near 70%.
When will selfcert.co.uk come back with money to lend? Well its had to enforce a mortgage with no proof of income, so self-assessment mortgage is a very risky option for a responsible lender.
Rates for a poor credit remortgage don’t need to be much higher than the big banks as long as the loan to value is not very high.
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