new mortgage

jeanie49

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?

harvey115

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.

Thrugelmir

jeanie49 wrote: »

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?

Self certification mortgages disappeared some time back.

Jimbo1976

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.