is there any chance to get a mortgage with 15% without proof of income

theartfullodger

me and my wife have about 27K saving and we would like to buy a flat for 170K.
the problem is that the proof of income that we can show is just 17K per year.

.
Lemme guess: Are you suggesting your earnings are actually significantly above £17kpa but the records only show £17k?? If so someone's been fiddling the books & not paying taxes?? If so, there is an easy way out...

Declare you "hidden" income to the tax man & you will have lovely records showing your real income. Bingo!

Simple really... Alternatively if there is some other problem you are hinting at please post & I shall withdraw the above ...

Cheers!

Lodger

themanbearpig

Are you serious?


I would hope banks stop this sort of rubbish in its tracks, considering we are paying for their incompetance.

Fire_Fox

lozzie84 wrote: »

As students we receive a student loans in which most student manage to pay rent far higher that £150.We were only asking for a 35% mortgage and were we putting down a 65% deposit so thought that lenders would be a bit more reasonable.

Mortgage was going to be in my OH name because he is not as stupid as me to get into any debt was so ever. I am going to be applying for a DRO because I can't see anyway of paying off my debts which I have been trying to clear for 6years now. Would like to go back in time and tell myself not to get a CC at 19.

But you don't have a permanent income as students. If one or both don't find paid employment right after graduation or fail to graduate at all how are you going to pay the mortgage and bills? If you have a 65% deposit you should use some to pay off your debts - students with the full loans company funding and a year round part-time job are better off than someone struggling on minimum wage. Join the Debt-free Wannabe board.

maximumme

I managed to get a 72k mortgage even though I had been out of work for 2 years, and my partner was only earning 12k a year. This was 2 years ago just before the banks went t*** up, but the broker who arranged it was brilliant. I can give you his details, but he won't be released for another 3 months.

chicken_licken_3

Nope, I think the days of 'make up your own income and get a self cert mortgage for whatever amount' are now gone.

To be honest, if you can only prove you earn £17k, no-one will touch you for the amount you want to borrow and even if they did, you'd be looking at sky high mortgage repayments way above what would be considered as reasonable.

There is a reason why banks are being tight on lending theses days.....gotta pay for their Christmas parties and bonuses!