Self-employed mortgage with low LTV - help

satie

[FONT=&quot]I currently live in central London, paying £1,842 in rent per month. As a first-time buyer, I have my eye on a London apartment which is on the market for £1,050,000. Assuming the vendor is willing to sell it for £1,000,000, and that my father is willing to contribute £700K as a deposit, would I be able to get a mortgage for £300K and if so, how easy would it be given that I do not want to spend more in monthly mortgage repayment than my current monthly rent?[/FONT]

[FONT=&quot]Please note that I am self-employed (sole trader) with an annual income of around 60K. Will I need to prove my income, given the LTV ratio is only 30%? I might also be able to provide a parental guarantee for the mortgage.[/FONT]

HappyMJ

Why doesn't your father just buy the property? You then rent it from him and then he leaves it to you in his will. Much easier. You will need to prove your income.

satie

My father cannot afford to buy the whole property.

HappyMJ

satie wrote: »

My father cannot afford to buy the whole property.

Who is going to be the guarantor? Whoever it is has to be able to afford the mortgage on the property if you don't pay it.

Simon_gloster

Income of 'around' £60k. It has to be £60k consecutive for the last 3 years as self emp customers will hav averages or most higheat income used. 5x income is pushing it.

Also can I ask is the 60k what you declarled to the inland revenue as that is the income lenders will use?

ACG

You could probably get around £240k with just 1 years accounts. Im not sure you could get £300k plus your solicitors, valuation, stamp duty plus any other costs.

Dave_Ham

Given the example given and low risk to any bank, I would think there will be a solution.

That said it may not be a traditional solution, but with the values involved and the incomes mentioned I am confident there will be one.

Would suggest you get a decent broker on the case, although be careful of some of the usual suspects Central London as the costs involved to get the same end result are usually silly high..

Good luck..