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A mortgage without proof of income?
Jezscorpio
Posts: 51 Forumite
Need a bit of guidance on mortgages and hope someone out there can help with some ideas.
My circumstances:
Live in a property recently valued at £225K and my mortgage is £50K so assets of £175K tied up. No debts (besides mortgage), no CCJ's etc and have an excellent credit history BUT I have no proof of income (only been self employed for a few weeks- always been PAYE)
The Plan:
I wish to buy a 2nd property that needs renovating and I need approximately £150K mortgage to buy the property and complete the job (as a tradesman I will be doing most of the work myself). The house in it's present condition is worth £130K and needs about 20K spent on it to bring it up to scratch.
I want to continue living in my present property whilst renovating the 2nd property.
Questions
Without having proof of income is it possible to get a mortgage for the 150K purely by borrowing against my present house?
Do I need to put my existing house on the line as security or is there an alternative?
Also, what type of mortgage is most suitable?
Cheers
My circumstances:
Live in a property recently valued at £225K and my mortgage is £50K so assets of £175K tied up. No debts (besides mortgage), no CCJ's etc and have an excellent credit history BUT I have no proof of income (only been self employed for a few weeks- always been PAYE)
The Plan:
I wish to buy a 2nd property that needs renovating and I need approximately £150K mortgage to buy the property and complete the job (as a tradesman I will be doing most of the work myself). The house in it's present condition is worth £130K and needs about 20K spent on it to bring it up to scratch.
I want to continue living in my present property whilst renovating the 2nd property.
Questions
Without having proof of income is it possible to get a mortgage for the 150K purely by borrowing against my present house?
Do I need to put my existing house on the line as security or is there an alternative?
Also, what type of mortgage is most suitable?
Cheers
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