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Mortgage Problem re Salaries
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Martin153
Posts: 5 Forumite
Hi guys, I hope you can help us find a lender that can help.
We are in the process of moving to the UK from Jersey. We are purchasing a property for £570,000. We have £450,000 to put down. We are hoping to borrow in the region of £150,000 in order to free up a little capital.
My wife earns £27,000pa and is employed. Not a problem.
However, I am undertaking freelance work for a law firm who have supplied a letter stating that I will be paid in the region of £12,000pa. I hope to gain more work in the near future.
A total income of £39,000 would meet the C&G's calculation criteria.
On that basis we applied to the C&G for a mortgage but have been refused as they state they cannot include my income in calculation. They did however say if I got a job offer at Tescos they could help (even if i did not actually start the job which seems crazy)
Does anyone know of a 'high street' lender that can help in this situation. I really don't want to go to the rip off 8.9% APR lenders route, or take a job I have no intention of doing. In any event time is really against us.
Martin
We are in the process of moving to the UK from Jersey. We are purchasing a property for £570,000. We have £450,000 to put down. We are hoping to borrow in the region of £150,000 in order to free up a little capital.
My wife earns £27,000pa and is employed. Not a problem.
However, I am undertaking freelance work for a law firm who have supplied a letter stating that I will be paid in the region of £12,000pa. I hope to gain more work in the near future.
A total income of £39,000 would meet the C&G's calculation criteria.
On that basis we applied to the C&G for a mortgage but have been refused as they state they cannot include my income in calculation. They did however say if I got a job offer at Tescos they could help (even if i did not actually start the job which seems crazy)
Does anyone know of a 'high street' lender that can help in this situation. I really don't want to go to the rip off 8.9% APR lenders route, or take a job I have no intention of doing. In any event time is really against us.
Martin
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Comments
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How far down the road are you in purchasing the £570,000 property?...............................I have put my clock back....... Kcolc ym0
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Find a house to buy for £450,000 or less, and forget about getting a mortgage. Why is it important to 'free up a little capital' of £30K when you already have £450K in cash funds available to you?"You were only supposed to blow the bl**dy doors off!!"0
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A very long and sad story.
In short we exchanged contracts on the property last June before the current financial crisis. Our buyer in Jersey then (there is no formal house purchase in Jersey it is based on good faith) pulled out and we have had to reduce our Jersey property by £150,000.
We now have a buyer for our Jersey house but our dream of being mortgage free has gone leaving us legally commited to the purchase. (we are currently in breach of contract but have a months grace to complete)
We therefore have no option but to continue with the purchase and therefore require this mortgage or face being sued for tens of thousands of pounds.
Martin
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Thank you for that explanation.
I had wondered why you did not buy a less expensive house................................I have put my clock back....... Kcolc ym0 -
No problem. Just hoping there is a lender out there that can help us0
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Maybe it is worth applying for a job at Tesco (or similar) then???0
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20 percent deposit and i couldnt get a mortgage due to a similar problem..
i was even told by the bank's mortgage advisor to find a dodgy accountant to make my wages higger etc.. i think just get the tesco job if you can.. aim for the cleaner position
of if that fails give lidl or aldi a go--- as long as it secures you a mortgage... i wish my problem can be solved that easy... i can only get a self cert with 8.1 interest if i go 25 percent deposit 0 -
At that LTV you should be able to find some of the more flexible lenders could help.
However in the current climate, the application will be looked at in great detail, and I suggest going via a whole of market broker who would be able to give his lenders contacts a call to discuss and get some kind of agreement before applying.
Going on your timescales you may want to do this sooner rather than later.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
To be honest mate - how bad do you want the new place? Are you willing the bend the rules? Its the only way to get on without getting screwed - find a broker that can accomodate through "contacts" and see what they can offer.
Otherwise you will lose out in the end,0 -
I thought you had some sort of problem with mortgage fraud.To be honest mate - how bad do you want the new place? Are you willing the bend the rules? Its the only way to get on without getting screwed - find a broker that can accomodate through "contacts" and see what they can offer.
Otherwise you will lose out in the end,
http://forums.moneysavingexpert.com/showthread.html?t=1541283
Why are you now appearing to advocate it?0
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