Fast track mortgage with over 40% deposit?

christianh

My current mortgage deal with my current lender ends January 2012.

My house is valued very comfortably at 250K and I'd like to borrow 140K.

I am self employed and have accounts/records of 5 yrs plus but have used fast track mortgages in the past as my business only produces around 18K salary per annum.

I'm 40, and have a faultless credit rating..

I'm single without dependants and my income is supplemented by my lodger who pays £500 per month.

I'd like a five year fix this time around, can you recommend any lenders to approach, or, should i use a mortgage advisor?
Or, will i struggle due to new criteria?

Many thanks for any advice, best wishes,

Chris,

Thrugelmir

Borrowing a £140k on an income of £18k just won't be possible.

The income from your lodger won't be taken into account.

Is your mortgage currently interest only?

christianh

Yes, it's interest only.

GMS

Fast Track is intended to speed up the application process by minimising requested items, not to inflate income.

You will need to declare your income on the application form. Making this higher than it is would be fraud.

Using Fast Track as a Self cert is a dangerous game. Any adviser who gets involved with this is one who needs to be avoided in my opinion.

Thrugelmir

christianh wrote: »

Yes, it's interest only.

How do you intend repaying the mortgage?

A new lender would most expect a repayment vehicle to be in place. Your existing one either has written or will write pointing out that it is your responsibility to repay the debt at the end of the term. Therefore placing the ball firmly in your court should you default.

christianh

A combination of two things will be my repayment vehicle.

I'll inherit most or all of the sum and am in the process of gaining a new qualificiation which will also have a strong impact on my salary.
I'd expect to convert the mortgage to repayment or begin overpaying when I'm qualified.

Thrugelmir

christianh wrote: »

A combination of two things will be my repayment vehicle.

I'll inherit most or all of the sum and am in the process of gaining a new qualificiation which will also have a strong impact on my salary.
I'd expect to convert the mortgage to repayment or begin overpaying when I'm qualified.

Neither of which are suitable at the current time as far as a lender is concerned unfortunately.

So you'll have to accept the best product available from your current lender. As remortgaging won't be possible until such time as your financial position has materially changed.

_Andy_

christianh wrote: »

se is valued very comfortably at 250K and I'd like to borrow 140K.

I am self employed and have accounts/records of 5 yrs plus but have used fast track mortgages in the past as my business only produces around 18K salary per annum.

So you submitted fraudulent mortgage applications. Well done.