Complicated income mortgage advice required

moatmeister

Both points above good points well made!
Yes I have a lot going on in my life but that has allways been the same. Its just a juggling act! This would actually be a very positive move to consolidate my position allthough I can see that it looks a complicated situation for someone looking in. What is of primary importance is getting possession of the land and barns that go with it to enable me to stop renting an expensive business unit from a previous venture currently used for storage that currently costs me around £2k /month so its actually a no brainer. The fact that it is a fantastic if tired dream house in the perfect area is just a bonus!!! As I said earlier, unexpectedly back on the market this week so I agree not the best time to try to buy for me, would be better to be a little more sorted first but I have no control over that. I am in a lucky position of being able to take advantage of depressed prices without necessarily having to sell current property until I am ready.
I accept its likely to go over budget ( I am an avid viewer of the programme "build a new life in the country"!) and we would be happy to live in a caravan if neccessary but the important thing is to sign the contract and get possesion first and that means putting the best deal together quickly based on the current situation, ie loads of assets but not to much cash liquidity so its a case of sell as much as possible (including the caravan!) without giving it away for nothing and then borrowing the rest. Renovation funds will happen later!

Mrs_Bumble

You need to check with the broker if TMW are happy with the renovation funds happening later.

Conrad

Hi

The Mortgage Works are extremely fussy in every regard. Out of 3 good quality cases I sent them, 0 were offered. They go very deep into the background, and on 2 of the 3 cases they declined the property, one for being within 50m of a pylon and the other because they felt the resale market was slightly limited.

Beacon finance do self cert with rates from 4.7% 3 year tracker. They also go up to 80% for a higher rate. Fees are 2.5 - 3.5%. Not as fussy as TMW.

moatmeister

Thanks for that Conrad.

Do you mean beacon finance as in here:-
beacon-finance dot co dot uk

or Beacon Home Loans as in here:-
beaconhomeloans dot co dot uk


Presumably the latter but i need to try and get this right first time. I have had a look on their website, looks a possibility. Do you know if they would consider a Let to Buy situation on our present house?

And do you mean 'less fussy' in terms of what they lend against or their lending criteria? (pm me if you would rather!)
Again, and I realise there are other aspects to consider, but in terms of getting the loan approved, is it worth paying off existing well running debt with some of available cash thus increasing the affordability aspect? or would outstanding loans not matter as long as all the affordability sums work out?

any other suggestions please?
And again, thanks for the tip.

olias

I am in a very similar position. I have a house I own outright and am looking to raise a mortgage on it to purchase a barn to renovate (hope it's not the same one!) However although I have an income of approx £40000 pa, I have very odd and erratic income streams, and am not self emplyed or paye, therefore with my proveable income, a high street lender will only offer to lend half the amount I need.

I have tried one or two brokers, but the self cert lenders they deal with have tightened their lending criteria and will only lend to registered self emplyed. I am therefore looking for a self cert lender who will basically accept bank statements as proof of income and ability to pay/affordability, as these are really all I have to prove my finances (long and complicated situation!)

Any advice on which specialist lender or broker to look toward would be appreciated

Olias

Mrs_Bumble

olias wrote: »

I am in a very similar position. I have a house I own outright and am looking to raise a mortgage on it to purchase a barn to renovate (hope it's not the same one!) However although I have an income of approx £40000 pa, I have very odd and erratic income streams, and am not self emplyed or paye, therefore with my proveable income, a high street lender will only offer to lend half the amount I need.

I have tried one or two brokers, but the self cert lenders they deal with have tightened their lending criteria and will only lend to registered self emplyed. I am therefore looking for a self cert lender who will basically accept bank statements as proof of income and ability to pay/affordability, as these are really all I have to prove my finances (long and complicated situation!)

Any advice on which specialist lender or broker to look toward would be appreciated

Olias

Do you declare these income streams to the tax man?

olias

All either taxed at source or are not taxable, don't want to go into specifics of my personal finances on an internet forum, but I don't need to fill out a tax return therefore the only evidence I have is through bank statements which high street lenders will not accept (at least not in full), hence the need for self certification. Don't worry I am fully legal!:D

Olias

luckyfool

Beacon are still pretty damned fussy in my experiance . . . and yes it is Beacon homeloans he is referring to. 75% is the realistic maximum as their 80% rates are horrific, but my concern is going to be on the survey. If the property is not recommended by the valuer as being inhabitable straight away and as suitable for mortgage lending then you are going to struggle to get Beacon, The Mortgage Works or anyone else to lend against it. In that scenario you would need renovation/self build funding and thats a whole different ball game.

You could look at getting a secured loan on your main residence to release some liquidity, but Self Cert is likely to cost you 13-15% + interest.

luckyfool

olias wrote: »

All either taxed at source or are not taxable, don't want to go into specifics of my personal finances on an internet forum, but I don't need to fill out a tax return therefore the only evidence I have is through bank statements which high street lenders will not accept (at least not in full), hence the need for self certification. Don't worry I am fully legal!:D

Olias

I have seen reports of mortgage brokers being struck off for self certing their own income and justifying it as they were including "gambling winnings" which are not taxable. Didn't cut much mustard with the FSA in that case so I would be wary of doing anything that could get you or your broker into trouble.

olias

luckyfool, any suggestions as to a specialist broker or self cert lender applicable to my circumstances (and no it's not gambling winnings!:rotfl:)

Olias