Where/Who to get a mortgage from?

64zoolane

Hi, here is our situation. Can we get a mortgage? Initial enquiries seem to say no. :mad: Perhaps I'm looking in the wrong place?

Purchase price - £395k
Deposit - £320k
Borrowing - £75k (LTV <20%)

Applicant 1 company director with £14.4k salary, Applicant 2 self employed with £6.5k. The house being purchased has an extra bedroom suitable for rental with an estimate of £300 per month. Anyone know of anywhere that will lend against this? Renting a similar house is costing £1000 a month versus a mortgage of £350 or so. Any ideas?

herbiesjp

How long have you both been self employed?

How many years accounts do you have?

64zoolane

Me 4 years, partner 15 years.

I have three years, 2007, 2008, 2009 and 2010 as provisional. Partner 15 years.

herbiesjp

In that case you should have some options worth looking into.

It will depend on your overall scenario though i.e other debts/dependents/affordability etc

Get in contact with a good whole of market adviser, who will steer you in the right direction.

64zoolane

I take it that you don't work in that market because my experience of the last few days told me that mortgage lending has abruptly stopped.

sophievenusdoom

64zoolane wrote: »

I take it that you don't work in that market because my experience of the last few days told me that mortgage lending has abruptly stopped.

...not sure where you would get this idea from? Plenty of people continue to get good deals on mortgages as long as they have the right person in terms of an IFA/mortgage broker working on their behalf!

herbiesjp

64zoolane wrote: »

I take it that you don't work in that market because my experience of the last few days told me that mortgage lending has abruptly stopped.

Yes I do thanks.

Mortgage lending has not stopped abruptly.

Lending does still happen if you meet criteria and you find a broker who knows their job.

Good luck in your quest

getmore4less

House £395k rent £1kpm so costing 3%.

Thats good considering that there are few costs of ownership.

Investing the £320k should be covering most of that costs anyway.


How much are you realy earning?

InMyDreams

64zoolane wrote: »

Renting a similar house is costing £1000 a month versus a mortgage of £350 or so. Any ideas?

Comparing £350 to £1000 is meaningless.
Agree with getmore4less. What is the £320K doing at the moment?

GMS

64zoolane wrote: »

I take it that you don't work in that market because my experience of the last few days told me that mortgage lending has abruptly stopped.

If you think this is true then 2 questions:

1. Why come on here asking for advice?
2. When offered assistance for free from a person in the know, why come back with a ridiculous and frankly rude comment?