John asks…
My current fixed rate mortgage is coming to an end, but the company (the mortgage business) are no longer?
offering new deals, they are just switching their existing customers to their variable rate. I have always preferred tracker or fixed rate mortgages, which The mortgage Business can no longer offer me. I need an 80% mortgage with a self certified income. Any ideas please?
answers:
Banks and building societies have cut back on their most riskiest lending activites and that includes self certification mortgages. There are only 22 self cert mortgages left and they only offer fixed deals. The lenders offering these deals are Standard Life Bank, The Mortgage Works and Platform (through selected brokers only).
Unfortunately the maximum they will lend too now on self cert is 75%, so to move to one of these lenders you will need to find another 5% of the property value. The other bad news is that the rate you will have to pay is at least 6.24%.
If you can’t get a new deal then you will move to the Mortgage Business standard variable rate. Otherwise your only option would be to find a way of proving your income and getting a standard mortgage.
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