No one will give us mortgage!

herbiesjp

Plenty of lenders do mortgages for self employed people.

However on a joint income of £19k you are not going to get near the £170k you want

Sorry to be blunt, but I'd rather be honest than see you get your self into trouble

jpbeautybabe

what if I borrowed 100k threfore releasing 30k of it for deposit and having 70k mortgage perphaps on foreign mortgage? Do you think any Uk lender would lend us 100k on self cert for uk home?

JoeK_3

jpbeautybabe wrote: »

what if I borrowed 100k threfore releasing 30k of it for deposit and having 70k mortgage perphaps on foreign mortgage? Do you think any Uk lender would lend us 100k on self cert for uk home?

A UK mortgage lender will only advance so many times the income that you declare on a self cert basis.

Once this income is spent in the UK the foreign lender has no excess income to take into consideration. As you can see from Lipstick's post, foreign lenders do not accept self certification and if you put a down £30K deposit you would only have the rental income to put towards the affordability calculation.

Are you intending renting the Cyprus property out and if so, what income will it bring in?

JoeK

sortofok

You have no money for a deposit, little equity and no proof of earnings.
Congratulations, some lenders will be falling over themselves to lend you money. Seriously, they will. But get in quick because these deals will dry up soon as the credit squeeze begins.
On the other hand you could just acknowledge that you cannot afford a second home in the sun and save yourself a lot of money and grief.

jpbeautybabe

I think the only way I'm going to do it is if I sell my house and downsize, therefore I would have no mortgage here but then could I raise a mortgage then on 100k? Do cypriot mortgages go off gross profit?

JoeK_3

jpbeautybabe wrote: »

I think the only way I'm going to do it is if I sell my house and downsize, therefore I would have no mortgage here but then could I raise a mortgage then on 100k? Do cypriot mortgages go off gross profit?

Please read the Lipstick post above. I have checked out the criteria and it seems ok.

Net profit + rental income + pension income if any.

JoeK

toonfish

financial_solution wrote: »

From what I can see this mortgageis possible without any problems. You would however have to be comfortable that you can afford the borrowing as your income is limited. Our lenders work on affordability and not just income multiples.

Please share this solution - I'm intrigued and I'm sure others would like to know.