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new mortgage
jeanie49
Posts: 70 Forumite
Does anyone know if there is a new mortgage coming on the market not based on income, but they will lend 50% of value of home?
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Comments
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Yes it is on its way by the end of the week as a Tracker mortgage with 0.45% below Bank of England base rate.
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To fit with Financial Services Authority responsible lending criteria, all regulated mortgage (ie those for a house you or your family are going to live in) need to take into the borrowers ability to pay the mortgage.
It may be that if you are looking for a buy to let mortgage (ie a mortgage for a property which is going to be rented out) that you may have more luck. Whilst most lenders insist on a minimum income (typically £25,000), the main lending decision is based on the rental the property will generate rather than your own income.0
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