no income proof - which mortgage?

iamchrisli · 4 July 2009 at 9:53PM

I am going to buy a flat (130K). I'd got 40K in cash to put down as deposit. The LTV will be just around 70%.

My existing broker tried to do a "fast-track" application to Abbey, but they asked for my proof of income.

The situation is that I could not prove income. The only "proper" job I have will be the supermarket part-time job with very low income. I am sure it would not pass the affordability test. That was why I asked my broker to have my application fast-tracked.

I have no problem to pay the monthly repayment as I have other income streams which are from overseas (not money laundering):D.

My question is to know any brokers or lenders will have any products for me, or anyone would likely offer me mortgage?
:beer:

mdhelp · 4 July 2009 at 10:06PM

As far as i'm aware your deal depends completely on affordability and I can't see how any good broker can fast track you without any form of evidence, and of course the lender needs proof of income. If they don't the broker needs to be able to document this.

RobertoMoir · 4 July 2009 at 10:06PM

If you can't prove that you're able to pay the money back I'd imagine that any lender would be reluctant to lend to you. Look at it from their point of view and you'll see the problem.

_Andy_ · 4 July 2009 at 10:40PM

It shouldn't have been fast-tracked to begin with - if you haven't got proof of income it's not suitable. Presumably your broker lied about the income from your job - thus you both committed fraud. Well done.
What are the 'other income streams' exactly?

Kavanne · 4 July 2009 at 10:41PM

Why don't you have proof of your other incomes? If I was a lender I would steer well clear!!

nw_man · 5 July 2009 at 11:27AM

Whoa there's a broker out there who will be finding himself on the FSA list of banned persons soon I think.

alien123 · 5 July 2009 at 2:57PM

If you have money coming from overseas, (from parents or companies). Can they be your guarantor? It might be a good back up for the banks, which allow them to chase up money from them if you miss any of the payments (Work in rental but I am not sure guarantor exist in mortgages)

wisbech_lad · 6 July 2009 at 3:36AM

Simple, show them your tax returns, where of course you are documenting your other income streams.

koexelek · 6 July 2009 at 9:12AM

wisbech_lad wrote: »

Simple, show them your tax returns, where of course you are documenting your other income streams.

Assuming they are all being declared of course

It might seem hard to believe, but some people don't declare all their income, prefering not to pay tax on it :eek:

Mind you, they have a snowflake's chance in hell of getting a mortgage these days