mortgage with no proof of earnings?

marineville

this will sound stupid but, live in london, haven't owned for several years, quit well paid job and only earnt about 12 grand last year self-employed and only one years accountancy proof of earnings... have 190 grand to put into property but would love a 50 grand mortgage. this will still leave me 30 grand savings as a buffer... now, on that basis and, as liar mortgages are now unavailable,how the hell do i get a mortgage? (i'd like to be fussy and live where i want, not where 190k will get me...), oh, and i'm 50 and single so feel entitled to wish for better than my situation seems to offer. anyone got a better idea than being grateful i've got this much cash or robbing a bank or going out and getting a better job? best idea that works gets an invite to my house warming!

PasturesNew

marineville wrote: »

best idea that works gets an invite to my house warming!

Have you tried hooking somebody suitable into marriage?
Not sure from your name if you're M or F ... but find somebody else with a pile of wonga and you're sorted. That's my plan anyway ... keep what's mine and marry somebody with a stash, or a house.

Conrad

Some lenders casn take a view on your accounts. For example they can consider adding certain 'expenses' back into your income. An example would be where people claim 'use of room in home' as an expense. In reality there is no cost or actual expense, it's just a Tax reduction device and smart underwriters know this.

Find an experinced professional broker (not an online bucket shop full of trainiees and people that rely onmortgage sourcing systems programmed by far from the coal face IT people that have no clue about the real mortgage landscape).

ninky_2

Conrad wrote: »

Some lenders casn take a view on your accounts. For example they can consider adding certain 'expenses' back into your income. An example would be where people claim 'use of room in home' as an expense. In reality there is no cost or actual expense, it's just a Tax reduction device and smart underwriters know this.

Find an experinced professional broker (not an online bucket shop full of trainiees and people that rely onmortgage sourcing systems programmed by far from the coal face IT people that have no clue about the real mortgage landscape).

is this a new thing conrad - i.e. since 'self cert' ended. never heard of this before. could you give an example of a lender that will do this? i only ask because i work in an industry where many have exactly this problem. have some friends in this position and their accountant suggested the only solution was for one of them at least to opt back into paye.

Conrad

No it's not a new thing at all.

I'm wary giving out names as more often than not it's a brokers long term relationship with a lenders local regional manager that helps in these situations.
Also and more importantly I don't want to inundate lenders with an army of hopeful applicants that might upset the applecart. Furthermore random people contacting 'any old' call centre staff will be very lucky to get through to someone with requisite the experience.

Quite often I see the comment that 'criteria is criteria', but on the ground it often does'nt work that way. The reason lenders employ costly regional managers to come visit people like me, is'nt so as those staff can simply hand me a criteria booklet. Lenders cannot put everything into thier criteria guides for many different reasons (future law suit for example).

People need to find a local and long experienced and truly independant broker.