non status mortgages

pat_or

Hello I am trying to get the best advice regards non status mortgages. Following redundancy I registered self employed at the start of 2012. Work has been slow, personal funds are very healthy though. I have found a flat that with a 30% deposit will return approx 7% gross on the deposit any advice, thank you

ACG

Is this a BTL mortgage your looking for?
Most lenders want a minimum 1 years accounts - they will want to see you can support the mortgage for any empty periods which it doesnt sound like you will be able to do (or atleast prove).

7% gross isnt a great return, i think 6% net is what they say is about average.

That being said you have a decent deposit so there could be a chance depending on the repayments and expected rent.

Thrugelmir

A 7% gross return doesn't seem high enough for the risk. Given that you've not made any allowance for costs and expenses, nor void periods.

Equally attractive yields can be obtained by depositing money into fixed term ISA's currently. Seems a far easier way of making the same if not better return.

holly_hobby

There are no non status mortgages available - which is where no status checks are made at all (last provider in this market being BOS some yrs ago, with a max ltv of 60%).

I suspect you actually mean Self Certification (non verification of income). None available for residential borrowing, nor officially for BTL borrowing either (although there are schemes where the lenders don't check income as part of uw, but do reserve the right to do so).

Few more details on purpose of mge and rental income if to be a BTL arrangement will help.

Hope this helps

Holly

geoffky

You cant go wrong with bricks and mortar...ask them in Ireland, America and up north....