I need about 65k

sleepali

I own my house which has recently been valued at 125k...I owe 46k on it...interest only.

I am recently self employed with a very low net and get working tax credit.

I have seen a fab restoration project for about 65k and need the money in the next 4 weeks.

What's the best way to find the money please??

Thanks in anticipation

Senior_Paper_Monitor

Rob a bank, marry a rich bird, tap up your parents, win the lottery or put a £1 on red (and win) 16 times consecutively.

'cos its not going be be with a mortgage/development loan/secured loan (on current, new or both properties) I'm afraid.

Sorry about that.

sleepali

Senior_Paper_Monitor wrote: »

Rob a bank, marry a rich bird, tap up your parents, win the lottery or put a £1 on red (and win) 16 times consecutively.

'cos its not going be be with a mortgage/development loan/secured loan (on current, new or both properties) I'm afraid.

Sorry about that.

I suspected as much...there's gotta be another way though surely?

yelf

Nope. Not a hope in hell.

Senior_Paper_Monitor

All I can say is I earn my living researching ways my boss can (legally and responsibly) help raise finance for people (both mortgage and business/personal loans) - and I can't begin to think of a way to do what you want in todays climate.

Incidentally you/I haven't even mentioned the working capital to do the restoration yet!

Sorry but it ain't going to work.

sleepali

What about a self cert mortgage?

Senior_Paper_Monitor

Excuse what may appear a rude answer BUT ...... you appear to mean one where you can lie about your income/financial circumstances (they don't exist any more - for exactly that reason)

sleepali

Senior_Paper_Monitor wrote: »

Excuse what may appear a rude answer BUT ...... you appear to mean one where you can lie about your income/financial circumstances (they don't exist any more - for exactly that reason)

I don't intend to lie to get money but it annoys me when your self employed and lenders are not interested in your gross earnings and only focus on your net earnings plus I've not been self employed for long so cannot provide 3 years accounts...all that without breathing

Senior_Paper_Monitor

I understand that (have been by definition self employed since 1992, both as a company owner and an individual) and have a couple cases on my desk where they have chosen to report the 'tax efficient version' and now am struggling to find ways for them to raise theirmortgages (which I am confident they can afford).

I quote you .... "I am recently self employed with a very low net and get working tax credit."

You asked what can be done in terms of raising the money, I have answered you honestly with my knowledge (such as it may be) of the current market.

sleepali

Senior_Paper_Monitor wrote: »

I understand that (have been by definition self employed since 1992, both as a company owner and an individual) and have a couple cases on my desk where they have chosen to report the 'tax efficient version' and now am struggling to find ways for them to raise theirmortgages (which I am confident they can afford).

I quote you .... "I am recently self employed with a very low net and get working tax credit."

You asked what can be done in terms of raising the money, I have answered you honestly with my knowledge (such as it may be) of the current market.

I appreciate and am grateful for your honesty...just wondered if there was anything 'out there' that I was not aware of...Thank you for your help

luckyfool

sleepali wrote: »

I don't intend to lie to get money but it annoys me when your self employed and lenders are not interested in your gross earnings and only focus on your net earnings plus I've not been self employed for long so cannot provide 3 years accounts...all that without breathing

You told the taxman you have low net earnings and have paid (or more to the point not paid) tax accordingly. You can hardly blame the lender for assessing affordability based on the income you have officially declared to the taxman. If they work from a higher "fraudulent" figure then they are effectively condoning tax evasion.

There is a lender that might do a Light Refurbishment buy to let mortgage on the purchase (with no minimum income and based on the future rental income post works) assuming you intend to let it out once the works are done, and again depending on the nature of the works planned being relatively minor. Having said that you would still need to find 30-40% deposit + the funds to do the works on top of that.