Who might give me a mortgage?

omis

Hello, I'm a newbie to this site. Any help would be appreciated.

I own a house currently valued at £650k. I bought it outright from capital last year. I have been self-employed in the professional services sector for 20 years, but have not worked since November 2007 while caring for my ill wife. I therefore have no record of income (beyond interest on savings) for the past two years. I have no debts or borrowings at all and two longstanding credit cards, fully paid off every month and never a missed payment.

I now need to get back into work and have a major contract on the horizon that needs me to invest up front £100k on new equipment, staff, security, etc. I have had conversations with my bank of 22 years standing (RBS) and also talked to HSBC about taking out a residential mortgage to fund the business needs. It seems to be impossible to get a mortgage from either because of the 2 year gap in my earned income. The last time I had a mortgage was between 2002-2006 and that was with HBoS. RBS say they are open for business (in line with what the government has dictated) and have mentioned the possibility of a secured business loan but with high arrangement and security fees and interest at 3.6pc points over base. That said, they do not appear to be keen on following this up or lending me the full amount I need.

Does anyone know of any institutions or brokers they could recommend that may be able to help? I would only need to borrow for a maximum of 2 years and I would probably rather sell the house than have to pay extortionately charges and/or a very high rate of interest.

mikey_D

I saw the below announcement today on yahoo, it might be worth contacting these people, it sounds as if they may be the ones to help in the situation you are in.

Legal & General has launched a new mortgage where applicants do not need to be credit scored.
Legal & General Mortgage Club has launched a new mortgage where applicants do not need to be credit scored. The two-year fixed-rate mortgage, which has a rate of 3.35pc, is the only offer of its kind available to borrowers.
Martin Smith, head of mortgages at Legal & General, said: "Credit scoring has its place but complex prime cases are not always catered for by this approach. There are many reasons why an otherwise creditworthy borrower might generate a low credit score. Ditching credit scoring is an innovative, back to basics way of looking at lending and the rate on this product is extremely

give

Its worth ringing the companies direct to find the detail as they all seem to have different rules

Conrad

This is a specialist case and can in principle be done with a lender such awax.

Trollfever

Legal & General has launched a new mortgage where applicants do not need to be credit scored.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7611099/The-mortgage-that-doesnt-require-a-credit-score.html



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omis

Thanks for your replies. I had spotted the L&G product but needs to be arranged through an intermediary. What can I expect to pay a broker for his services? And sorry, but what or who is awax?