Large Deposit but no proof of income, can i still get a Mortgage

Ifty86

Hi

I am a 25yr old renting just now and my parents are going to give a large deposit to put down on a property. My deposit will be £170K and and I am hoping i can get a mortgage for another £75K as the properties i am looking at are around the £230k-£250k region in London. From my research i can that Banks dont like to lend to people with no proof of income. I am currently a free lance Photographer only started out few months ago and my monthly income can vary each month to month and will not have pay slips from an employer to prove my income. Will it be difficlt to get a morgage in the current climate or will the large deposit (probably 70% of the property) be suefficent for the banks to ofset the risk of me being a freelancer?

Thanks

poppy10_2

With no regular income you will struggle to get a mortgage, even with such a large deposit.

Wouldn't it make more sense for your parents to simply buy the house themselves, if they are putting up so much of the money? They can sell it to you once you have a regular income stream.

sarah_elton

Self-employed people can get mortgages, but I believe you'll need accounts covering at least a couple of years...

herbiesjp

There may be a handful of lenders that could look at this.

However there will be a lot of factors that they would want to take into account.

What was your occupation before going freelance - was it always photography? If so, that could help.

What region of london are you looking at? And what type of properties are you looking at?

koexelek

herbiesjp wrote: »

There may be a handful of lenders that could look at this.

Didn't think there was anyone left who would look at anyone who has been trading less than a year ?

happybroker

koexelek wrote: »

Didn't think there was anyone left who would look at anyone who has been trading less than a year ?

not mainstream at any rate, you have to wonder how many brokers would look at this also (no offence op)