Can you secure a mortgage against cash on deposit?

stewdaviesuk

It may seem as odd question as I have the cash to pay off a mortgage but right now I do not want to. My house is worth less than when I bought it though I have plenty of equity in the property.

My income is from tax free sources mainly financial spread betting and sports betting and although my bank (Nat West) has seen a healthy cash flow for 7 years and will happily give me a 20k overdraft or Credit Card they cannot give me a mortgage (or a loan) a I do not have taxable income and hence proof of income in a format they will accept.

I am considering a remortgage (my current on is a self cert and they are history) so I thought If I put cash in a high interest account with a mortgage lender, worth what my outstanding mortgage is, and put together some agreement with them then they cannot lose as the money is there to pay off the mortgage if needed.

It seems however banks dont offer this kind of service as far as I can ascertain, it seems very rule based and restrictive so I wondered if anyone on here knew of a lender which may oblige?

opinions4u

While it's possible to place a charge on a savings account, I am only aware of Lloyds offering this via their 95% mortgage where parents put a further 20% in to a savings account that they cannot touch for three years.