Self Employed requiring 10% LTV

Puddled

Hope someone can offer advice and /or help.
I have sold my house for 128k and agreed to purchase a property for 140k. I need a mortgage for 15-20 k. I am self employed but only have less than a year's accounts, (although I have the previous 3 years from the previous owner)


One high street lender will not entertain me, as they require 3 years accounts. Others seem to be of the same opinion. Is there anything I can do considering that my LTV is only 10% and there will be 120k ish in equity.

ACG

A loan?

Not many lenders will do £15-20k, I can only think of 1 who might allow a projection with the previous accounts, but the 2 together is unlikely to happen.

Nuttydj

A that kind of level a money transfer on a credit card would get you a long way there (if you can get one, which I don't see why not particularly) have a look in the credit card forum if it helps

Puddled

Thanks for the reply, but my credit card has a fair amount on and the interest would be too high. Was thinking of going down the personal loan route if my credit was ok

Nuttydj

Secured may be the way to go in that case, you may also want to consider those credit card balances and what can be done.

I realise I should have been clearer in my original post that I meant a 0% credit card also

ACG

Secured loan as a first charge - I dont think you willfind any high street lenders doing that. If you go down the secured route, you will likely need a broker. If you just get a loan, assuming your credit is ok you can go to a bank or supermarket these days.

amnblog

Expect to put down a £21,000 deposit minimum with one year's accounts.

That needs to be cash, your money or family money, not borrowed money.

Puddled

Maybe I just don't understand something here... I have a 128k deposit (my house value no mortgage) and a potential purchase of 140k. A mortgage for 20 k required to cover difference and costs... Why as self employed with good credit history am I an untouchable ??. I can only think because I cannot produce a years accounts.

ACG

ACG wrote: »

Not many lenders will do £15-20k, I can only think of 1 who might allow a projection with the previous accounts, but the 2 together is unlikely to happen.

Already answered the question.