I need about 65k

sleepali

luckyfool wrote: »

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.[/QUOTE

Could you tell me more about the lender please...what I REALLY want to do is sell my current property, buy this 'new' one to live in and do it up as I go...I wasn't intending to then sell it.

maninthestreet

...then you won't qualify for a buy-to-let mortgage if you intend to live in the property.

michaels

How about sell your current property and transfer the mortgage to the new one - surely you could price it low enough to sell in the time frame available and still have enough funds?

Otherwise how about about simultaneously applying for the max you can get on a secured loan and several credit cards in the hope that your credit record is not updated quickly enough to get turned down for any?

When_is_the_reset?

Here I found this for you...
The Money Tree Spell

Money tree spell
Items you will need

• Green candle anointed w/ pine oil.
• Sweet basil (1tbsp of basil in right hand.)
• Pine incense (Pass the basil over the altar candles and the green candle and incense 3 times and sprinkle basil around the green candle.)
• Green silk pouch
• White altar candles anointed w/ sandalwood oil
• 5 pennies, 4 old, 1 new.
• Salt Water
• Orange candle annointed w/ basil oil
• Parchment
• Pine incense

asting Instructions for ' The Money Tree Spell'


On a waxing moon, set the altar in the east of your circle. This will need to be left up for a full waxing cycle. You will need easy access to a door. Take a new penny in your hand, Circle the altar deosil (clockwise) and say

''Bring to me what I see By thy power, Hecate,''

Spin rapidly deosil and go outside and toss the new penny in the air. Wherever it lands, bury all 5 pennies, saying:

''I give thee money - Hecate
Return to me prosperity.
I give thee five
Return by three
As I will
So mote it be.''

Return to your altar and snuff out the candles. Next week, at the same day and time, return to your altar with your talisman bag and the parchment. Light the orange candle. Visualize money flowing onto the altar. Unearth the coins and bring them to the altar. Wash them in the chalice water to purify them. Pass them through the incense smoke and the fire from the orange candle. Place each coin in the talisman pouch, old coins first. Add nine pieces of rock salt, close the mouth of the talisman pouch and face east and say:

''Bring to me what I see
By thy power Hecate.
Altar power Must it be
Earth and Air
Fire and Sea
Bring to me What I see
By thy power Hecate.''

Place the bag inside your clothing and wear it every day for 7 days. Leave it on your altar every night visualizing prosperity. On the 7th day, hide it in the eastern portion of your house.


Alternatively - get a job.

Senior_Paper_Monitor

I'm not sure thanks are appropriate (and possibly a little hard on the OP, whoi does appear to have a job) - but 'it made I larf! :rotfl::rotfl:

Fiddlestick

sleepali wrote: »

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

Why has there "got" to be another way?

From the information you provide you have no way to service the debt. It would be irresponsible for a lender to give you a mortgage unless you can demonstrate provable income.

sleepali

Fiddlestick wrote: »

Why has there "got" to be another way?

From the information you provide you have no way to service the debt. It would be irresponsible for a lender to give you a mortgage unless you can demonstrate provable income.

When I said there has 'got' to be another way, I wasn't being bombastic...just frustrated.

I can prove earnings @ approx 7.5k...what I've thought now is to sell my house, put 30k towards the renovation property from my house sale, get a mortgage for 35k? and use what's left from my house's equity to help renovate the new one...does that sound better??

(My house valued at 120k...I owe 46k, leaving approx 74k...deduct about 14k in case I don't get the market value and take into account sale costs, solicitors fees, survey on new property etc, leaves me with 60k...30k towards the new property and 30k towards renovating it)

PS...Thank you all for the sensible help...even though the other stuff IS really funny

sleepali

michaels wrote: »

How about sell your current property and transfer the mortgage to the new one - surely you could price it low enough to sell in the time frame available and still have enough funds?

I didn't realise I could transfer the mortgage...thanks for that :wave:

Calling the Halifax right now!

Senior_Paper_Monitor

If you 'port' your mortage it will be underwritten like a new one ......

I quote the Post Office:

You can use our mortage calculator to get an estimate of what you will be able to borrow.
Please select your mortgage type Residential Buy To Let

Applicant 1

Annual income (£)* 7,500
Monthly outgoings (£)

Applicant 2

Annual income (£)
Monthly outgoings (£)

You could borrow up to (£) : 33,750

which is the highest I was able to find on a quick search/comparison (I suspect that this is a weakness in the Post Office calculator as most lenders reduce (or refuse to deal at all) income multiples - and this is 4.5 times salary - for lower incomes, because a greater percentage muct be committed to basic living).

You are "recently self employed" - Any lender will want to see a minimum of one years books (and most are two or three) before they consider a loan.

By porting to cheaper property you are increasing the LTV and thereby the lender's risk - they are not going to agree to this.

I promise you this can't be done on the circumstances you describe !!