We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Any chance of a mortgage?
Three_Wheels_on_my_Wagon
Posts: 11 Forumite
I have inherited 1/3 of a house. I would like to buy the rest and would need a mortgage of only £25k. The value of the house is about £106k. However I am 55 self employed and cannot prove my income. Any chance of a mortgage?
0
Comments
-
Not without evidence of income, no.
Lenders typically accept HMRC SA302s for the self-employed and you need a net profit of only about £10,000 per annum, after your personal credit commitments, to justify that level of borrowing.
Why are you unable to provide evidence of income?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I've been a carer for the last 18 months but am starting a new venture investing in various funds and don't expect to have any significant income for at least a year but have enough savings to cover a small mortgage.0
-
It's a no TWOMW
Everyone today needs to prove their income to the lender's satisfaction to obtain a first charge mortgage.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 -
Would one of the other two parties not want to buy your share and give you £25K to keep in savings ?0
-
If a mortgage is not possible my only hope is buying out one partner on my own or going 50/50 with the other and paying rent for the portion I dont own.0
-
Why not simply use some of the funds you intend to invest? After all you will be obtaining not only a new home but a potential investment.0
-
Two reasons Some of my money is tied up till next April and the house needs to be sold now. I need working capital to earn a living.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards