Self Cert Mortgages

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This topic contains 10 replies, has 5 voices, and was last updated by Profile photo of Inez Inez 8 years, 7 months ago.

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  • #53854
    Profile photo of Anonymous
    Anonymous
    Participant

    In the light of the current credit climate. Can anyone please advise if self cert mortgages in Spain are still available ( looking for 60-65% LTV).

    Many thanks

  • #80921
    Profile photo of Anonymous
    Anonymous
    Participant

    There is a self cert mortgage at present through UCI – part of Banco Santander.

    It is for non-res new purchase and cannot be used to re mortgage.

    You will get a max of 60% LTV. But valuations are very low at present.

    It will have high set up costs and a slightly higher rate of interest compared to a normal repayment mortgage.

  • #80721
    Profile photo of Anonymous
    Anonymous
    Participant

    There is a self cert mortgage at present through UCI – part of Banco Santander.

    It is for non-res new purchase and cannot be used to re mortgage.

    You will get a max of 60% LTV. But valuations are very low at present.

    It will have high set up costs and a slightly higher rate of interest compared to a normal repayment mortgage.

  • #80953
    Profile photo of Anonymous
    Anonymous
    Participant

    Many thanks Peter

  • #80753
    Profile photo of Anonymous
    Anonymous
    Participant

    Many thanks Peter

  • #81165
    Profile photo of Anonymous
    Anonymous
    Participant

    Normally a self cert mortgage in Spain is only sought because the buyer is hiding something (eg income to mortgage cost) so it is right that Banks charge maybe 5% extra for non status mortgages so a to protect their honest account holders.

    At the end of the day, self cert morgages are the start and end of the many problems experienced by buyers world wide. If you need a self cert mortgage then maybe the question of “can I really actually afford to buy” should take priority!

  • #81321
    Profile photo of Anonymous
    Anonymous
    Participant

    Normally a self cert mortgage in Spain is only sought because the buyer is hiding something (eg income to mortgage cost) so it is right that Banks charge maybe 5% extra for non status mortgages so a to protect their honest account holders.

    At the end of the day, self cert morgages are the start and end of the many problems experienced by buyers world wide. If you need a self cert mortgage then maybe the question of “can I really actually afford to buy” should take priority!

  • #81181
    Profile photo of Anonymous
    Anonymous
    Participant

    rob-fuengirola: I like your simplistic analogy of life & the financial world.

  • #81337
    Profile photo of Anonymous
    Anonymous
    Participant

    rob-fuengirola: I like your simplistic analogy of life & the financial world.

  • #81230
    Profile photo of Inez
    Inez
    Participant

    If I were you I would check its still out there as all other lenders have withdrawn their self certs – UCI isnt a true self cert in as much as the person who handles our clients mortgages used them a few years ago and they asked for a p60 – which is fine as it proves tax is paid, but then worked the ratio based on that p60 as opposed to what the buyer had stated on the form!

    In this current crises I would very much doubt you will find any self certs out there, but good luck

    Halifax have dropped their ltv to 60% of valuation or purchase contract price depending on which is the lowest!

  • #81363
    Profile photo of Inez
    Inez
    Participant

    If I were you I would check its still out there as all other lenders have withdrawn their self certs – UCI isnt a true self cert in as much as the person who handles our clients mortgages used them a few years ago and they asked for a p60 – which is fine as it proves tax is paid, but then worked the ratio based on that p60 as opposed to what the buyer had stated on the form!

    In this current crises I would very much doubt you will find any self certs out there, but good luck

    Halifax have dropped their ltv to 60% of valuation or purchase contract price depending on which is the lowest!

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