Mortgage needed with 50% deposit, and newly self employed?

girlneedshelp

My friend wants to buy a piece of land for £40,000. She only has £20,000 in savings and the owner won't budge on the price, so she needs a loan or mortgage for £20,000. She has a perfect credit history and currently own a home worth £145,000 in today's market with a £125,000 mortgage.


The problem is that she is newly self employed, so she doesn't even have a year of audited returns (never mind the two or three years banks seem to require.) Is there any recourse for her, apart from saving up?


Any advice would be appreciated. Thanks!! :A

girlneedshelp

bump, bump, bump... I'm assuming the silence isn't good for my friends chance of a loan?

_Andy_

What did she do prior to becoming SE? I.e was it the same profession? What does she do?

girlneedshelp

Hi Andy, she was previously in the civil service and currently teaches music as SE. She makes approximately £35,000 which she duly claims and pays taxes on, but she has only been self employed for less then a year. I know there probably isn't much hope, but it's always good to get a confirming nail in the coffin. Thanks.

girlneedshelp

I know I mentioned her credit history, which is perfect (not a bill ever late), but just in case it's helpful, while she has credit cards, she has no credit card debt or any outstanding loans.