Mortgage for self employed for one year

deanek

Hi,

I have a couple of questions and hoping somebody may either be able to help or point me in the right direction.

First question is about financing for the purchase of a freehold. My freeholder has offered to sell the freeholder to myself and the other leaseholder in our building. I know that the other leaseholder with neither want to buy the freehold with my due to a very strained relationship or be able to afford to buy there share. Both our leases are under 80 years so it is going to cost me £13,200 and them £14,300 so, not cheap.

We have both just received a section 5 notice from the freeholder. The freeholder is happy to sell the whole freehold to just me once the 8 weeks have passed for £27,500.

The problem is finding the funds to buy the whole freehold. I have spoken to my current mortgage providers and they are unwilling to lend any more money (Currently 80% LTV. Value £222,500 and outstanding mortgage is £178,000).

So the question is are there any lends out there that would lend just for the purchase of the freehold?

Just to make things more complicated, I want to move and sell the property but I'm having trouble securing a new mortgage as I am a contractor and have only been contracting for just on one year now. Are there any lenders that will provide a mortgage for a self employed person with no accounts?

Not sure what to do about the first issue and wonder if it would be best just to put the flat on the market without buying the freehold or find the funds to buy the freehold then sell?

On the second issue. I have been searching the Internet and tried a couple of brokers but have had no joy.

Any help or advice on either issue would be greatly appreciated.

Apologies for the long post.