Need a mortgage-self employed and have been refused before

D

dweller

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I want to get a mortgage. My husband and I are self employed and only recently went into the tax system(a few weeks) .We get a social welfare payment also and I do grinds in the evening.We own a site and have built our house up to the top of the walls using money we borrowed from the credit union.Does anyone know any way in which we could get a mortgage? We tried before but were unsuccessful.
 
Re: Need a mortgage

Generally, you will need certified accounts etc to apply for a mortgage. Have you checked with your local authority (housing department), they offer mortgages, shared ownership agreements etc.

Best of luck
 
Do you have a regular income going into your current account?

Are you in a hurry to get a mortgage?

If so you may be approved for a loan from one of the mortgage companies that deal with clients who have errors, judgements or are self certing. The interest rate is generally a bit higher then normal mortgages but providing you select a variable rate you will be able to switch mortgage to one of the prime lenders within 12 months.

If you decide on this option get an accountant to certify all your income for the 12 months and keep your repayments up to date.

Please note this is only a suggestion!!!!!!!
 
Hi there, thanks for the advice,It would be great if we could continue building,so I may go down the route of applying to a lending agency.I ve spoken to the council but they need the security of a permanent job.
Does anyone know of a lending agency that deals with this type of client.
Dweller
 
Start Mortgages and [broken link removed] may be worth checking out, although the rates charges could be well in excess of what you would normally pay.

If you go down the route of paying over the odds to get a mortgage, I would suggest that you leave yourself the flexibility to remortgage at a lower rate in future years (i.e. ensure that the terms and conditions allow you to get out of the mortgage without excessive penalties).

If you are using a credit union loan and a mortgage from a niche lender, it looks the cost of financing your house could be excessive. You may be better waiting 6-12 months and see if you can qualify for a lower rate with a mainstream lender.
 
Thanks for that,you don't happen to know what their interest rate is? roughly.
Dweller
 
No I don't, I'm pretty sure they apply 'risk based' pricing, so the rate charged will be dependent on your personal circumstances.

A rate of 5.8% is mentioned in this thread.
 
Thats quite high alright.But still beats the interest rate of the credit union loan.Seem to be paying nothing back but interest.Does anyone know how the actual money is handed over because I'm using direct labour.
 
Hello dweller,

The funds are released in stages......ie stage 1, 2, 3 and 4.
Different stages of construction foundation, walls, roof etc.......
Last stage will be released when a final valuation has been completed.
 
Hi again,
Spent alot of time on the phone today .There might be one possibility.-www.refusedamortgage.com .Interest rate of roughly 4.85%.
Another question.A broker I dealt with once, told me not to tell the mortgage company that we have kids.Would it really reduce our chances?
 
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