General (main property discussion here) - Non Status Buy to let Mortage - Help Please

I have not been in full time employment now for 3 years (I am fortunate in that my girlfriend is salaried).My buy to let property is now unencumbered but not currently tenanted as we have recently been using it as a sort of holiday home so I am not receiving an income from that. My principal place of residence i.e my home is also unencumbered.

I am now looking into financing another property to let. I have never needed to use a mortgage broker and have not sort any advice. Before taking this course of action I'm wondering if someone here could give me some general advice as to what I can expect to be recommended to me. My understanding is that a self cert mortgage is the way to go. My main questions are:

1)Will my application be successful owing to the fact that I have no income to certify or is there a way around this?

2)Ideally I would like to borrow at the best rate but using the minumum deposit but will the deposit have to be greater then the standard 15% because of my non status. Assuming a "yes" to 1)?

3)and/or will I charged a higher rate for my non status?

4)I understand the vast majority of brokers do not charge a fee as such and earn their money through commission from the mortgagor. Under the FSA act they are legally obliged to find you the most suitable deal but is it better to go to a broker who charge a fee to elimanate any chances of bias towards a deal which provides them with the most commission?

Any help and advice most appreceiated :-)

Hi Robin,

Up to the end of last year i was a mortgage advisor working for a broker who doesnt charge a fee. There is all sorts that they can do even more with buy to lets are they dont always require you to prove any income. As i am not a mortgage advisor now i cannot give you any advise due to the regulations of the FSA but i still have good friends at the company who would be happy to help you. If you want to call them their number is 0845 4900419 and ask for Kirsty. The company is Orchid Financial LTD, just let her know that i recommended you to them.

Hope this helps you.

Hi, I am in this field. I have recently been informed that our company is now offering upto 95% self cert !!(no docs req). savings_generator@yahoo.com

Hi Robin Please call us at our head office. No Fees charged. We are MCCB and FSA regulated.

Capital United Mortgages. Bip Thakker 0208 995 1803

QUOTE "We are MCCB and FSA regulated" MCCB report to FSA as you should not be saying this and just goes to show that you are not a compitent advisor the MCCB is no longer trading and as not since the FSA took over mortgages and that was in 2004 January i think.

As you are aware that comment makes you in breach of there rules and as such you should be reported to them

Hi Alex You are correct in your assumptions. In the light of the introduction of statutory regulation through the FSA, the Mortgage Code Compliance Board (MCCB) has been discontinued.

It was purely the phraseology that was used. If you feel that MCCB should not be used, I suggest you look into Google search and see how many large institutions, Banks, and Building societies still use them as inference to third parties 'related' and not sub strata meaning, as you construe them to be.

Obviously, if by the use of the wording, it has brought out any 'holding out reliance on any factual' terminology, I apologise.

We do not use MCCB on our letter head on any holding out priciples.

Please, feel free to highlight any breach of rules we make, and if it has brought any misunderstanding I apologise.

Rgds Bip

Hi Bipin , no probs mate im just been picky, and making you aware that you should not use the MCCB, the fact that you typed it in makes it worse.

Good luck

Alex M

Thanks for all the replies and contact numbers.