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Can I get a mortgage against cash?
Frostypops
Posts: 2 Newbie
I have recently inherited a six figure lump of cash and was wondering if it was possible to acquire a mortgage against the cash?
I am newly self employed so a regular mortgage is probably not an option (I think).
Annoyingly I also have a fairly shoddy credit record.
Thank you in advance of your help.
I am newly self employed so a regular mortgage is probably not an option (I think).
Annoyingly I also have a fairly shoddy credit record.
Thank you in advance of your help.
0
Comments
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Perhaps an offset?0
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Why are you not going to just buy outright?:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0
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You might not want to answer these on a forum, but these are the questions which will help us to answer if its possible.
What is the purchase price?
How much deposit will you be putting down?
When you say bad credit - what do you class as bad? Could you give us dates/amounts/what it is (CCJ/Default etc).
How long have you been self employed for? Do you have any accounts?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Frostypops wrote: »I have recently inherited a six figure lump of cash and was wondering if it was possible to acquire a mortgage against the cash?
I am newly self employed so a regular mortgage is probably not an option (I think).
Annoyingly I also have a fairly shoddy credit record.
Thank you in advance of your help.
I have done something or a similar nature where the client's income would not support the mortgage, but cash due in from the sale of a business over three years did.
If you have the cash now, a cash purchase is the solution. If you need extra for your purchase price and need to borrow it, then contact a broker once you have been trading for one year.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The problem is a six figure sum could be anything from £100,000 to £999,999! Unfortunately, in my area £100,000 wouldn't even buy a beach hut.
However, back to original question, and the answer is probably no, as no mainstream residential lender will be that flexible. Recently self-employed with poor credit will be difficult to place.0
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