Mortgage with no proof of income but big deposit?

Dom29

Hi all ,

I haven't really looked into this at all.

Basically im self employed as i lost my job around 3 months ago , i am bringing in enough at the moment to pay the bills but dont really have any solid proof of income.

Im looking for a house to buy , ive been looking at houses around 80k so nothing to extravagant, i could put down around a 50% deposit.

Would i still need proof of income as if i paid the 50% deposit didnt make my first payment the lender would be in the green?

would i still be looking at a really high intrest rate or would it still be a no-go?

Would i be better off looking for a loan ?

Im a bit lost and also very new to this so please dont bite me head off ! thankyou :A

P.s , i also have a very good credit rating if this helps ?

Thrugelmir

Lenders will require a regular income stream. While the deposit provides security. Mortgage lending is priced at a level of low default, i.e. minimum risk.

ACG

You would need atleast 1 years accounts.

opinions4u

You don't need to buy immediately.

Preserve your clean credit record. Grow your business. Make sure you keep all financial records. Get accounts produced after the first year's trading. Then see a broker.

Dom29

Thanks for the tips , if i was employed by a company again how many months of wage slips would be the minimum 6 month ? a year ? 2 years ?

I understand that everybody's policy is different but just to get me out of the high risk braket.

My partner has a part time job but only pulls in around 9-10k a year would this be any help ? thanks