Help needed getting mortgage

Vegeta

I've just seen a house which is on the market that I like. It is on for £320,000.

I have a cash deposit of £215,000 and am looking to borrow £115,000 (35% LTV). I am currently debt-free.

The problem is I am self employed and my income fluctuates. I've earned upto £45,000pa for many years but recently (past 3 years) I am earning around £15,000pa.

Since self-cert mortgages are no longer available, do you think it would be possible for me to get a mortgage of this size?

I live in the Greater Manchester area so any advice on a good local mortgage broker I can visit would be great and also advice from fellow MSE'ers also

herbiesjp

At over 7 times income you will be struggling.

You would need a good adviser to look at your accounts/self assessment to see what figures a lender will be able to use based on your status.

Vegeta

If I nominated a guarantor for the mortgage would the guarantors name also appear on the property deed?

herbiesjp

With most they would

Vegeta

Are there guarantor mortgages available that allow unlimited overpayments of the mortgage?

If so, with which bank/building society?

Thanks.

property.advert

Fudge it !

It costs but it will get you where you need to be. You'll have to put some of your savings through the company and lose the 21% tax on it. Your income will then magically increase to the level where you can get a mortgage.

You could even structure it so that all you are really doing is pulling some of next year's profits into this corporate tax year and back out the cash injection next year.

If you have an accountant doing the books then you'll have to be creative and know just what you are doing as I would not advise this unless you are really ahead of the game. If your accountant knows more than you about your business then I would not advise it. If you do your own accounts, then ....

Illegal ? yeah, mostly but it isn't harming anyone and the net effect to the Exchequer is the same or even beneficial. It depends how desperate you are.