Self cert mortgage

[walshy]

Hi everyone,

we are making the final touches to moving back to nz!! The most important thing this time round is we have sold our house meaning hopefully we will be able to settle much better this time.

We will have at least 40-50% of the purchase price required, but probably wont be working immediately as both of us want to look at different options before jumping straight in to the first job/business idea ( another mistake last time)

Will we have to be employed? or will the fact that we are putting for instance $300k of the $550 required mean we could get a 'self cert' mortgage?

Really dont want to wait 6 months this time round

[JandM]

Really dont want to wait 6 months this time round

For what? - just to clarify.

[ENZ]

I spoke to someone at the Kiwibank about this a few weeks ago and they told me that even with a large deposit (on the scale you've mentioned) Kiwibank still requires two year's accounts.

[victoria24]

bnz do low doc mortgages which are similar to self cert

[walshy]

For what? - just to clarify.

to buy our own place!!

[walshy]

bnz do low doc mortgages which are similar to self cert

lo doc, what does that entail? employment contract? accounts?

do they hike interest up?

[Nikki_d72]

This is kind of what I've been looking for too, lo-doc means it requires less that the usual accounts but still some proof of income, no-doc is the self-cert mortgages I think you're talking about, and from what I've seen seem to be thin on the ground with bank lenders. There may be some available with non-bank lenders but I'm not sure what this entails - loan sharks?! He, he. Do you still have jobs in the UK? If so, I would try to look into getting a NZ mortgage approval from this end before you quit them, but while you have the deposit from your house sale - provided your salaries are enough to service this kind of loan, as then the bank won't take it back off of you if you aren't working over there for a while (obviously provided you are able to pay it). Many of them will only offer a loan for a rental or holiday home, not your main residence, so be careful. I spoke to Squirrel a good while ago and they were quite happy to arrange a mortgage for us to buy a house in NZ from here in the UK, then rent it until we were free to move into it ourselves. Tha rates may be a little higher but not too bad. A broker is probably your best bet they don't charge for advising you as they earn their money in commission from the lenders - I wish we'd done it then as our situation changed significantly later and will now make it really hard to get one. See the post on my other thread regarding this for some really good advice from forum members.

Good luck and I hope it all goes really well for you this time.

Nikki

[Kiwi Mac]

If you are heading to Wellington, I know a good man (English) who is a very good mortgage broker and may well be of help. PM me for contact details if required.

He seems to cope very well with unusual requests etc!