Struggling to find a Mortgage

joshcambs

Hi All

My brother and I are interested in Investing in a buy-to-let property however we are yet to find a lender who will provide us with a mortgage due to our slightly unusual circumstances.

We both work and bank offshore and although we do not have to pay tax due to being out of the country for 11 months of the year we are registered british residents. We have a 40 per cent deposit and a combined income of £100,000 per annum.

We have contacted a few brokers and mortgage providers and we get the impression that we are struggling due to not paying tax even though we have it in writing from HMRC that we do not have to.

Can anyone suggest a Mortgage provider or offer some advice to help find a solution?

Many thanks in advance.

J

Thrugelmir

Do you own a residential property in the UK?

ACG

Have the brokers or banks come back to you with a reason?

I think the closest i have had to this is someone who worked on an oil rig and had a strange tax agreement with his company and hmrc - it went through once the initial discussion had took place with the lender and we were able to provide the relevant paperwork... not quite the same though.

joshcambs

no we dont.

Although our jobs luckily pay for all living expenses while at work the banks wont recognise the fact that all our wages are saved and could be used to pay off the mortgage, I wrongly thought we really wouldn't struggle.

Dave_Ham

Your two biggest hurdles are that

a) Many lenders do not understand/like your income

b) Most buy to let mortgages require you owning your own home already

You may also suffer from a difficult to track credit file, given you another hurdle but probably not harder than the above issues.

Can you add a British homeowner to this applicant (family member maybe) and structure ownership accordingly?

This is going to be tricky, without bringing a 3rd person into the deal...

Good luck