Struggling to get a mortgage please help!!

seoguy

Hi, I am seriously struggling to get a mortgage with my circumstances. Please let me know if you guys know a Lender who can help me.

• Looking for a property valued £220,000
• I have deposit of 30%
• I am self employed and have 1 years of accounts (£38k profit last year)
• I am currently on Tier 1 Visa been in the UK for last 8.5 years
• 1.5 years left on the visa after which I will be permanest resident (ILR)
• Current experian credit score 743
• I had 1 settled default 3 years ago

there must be a lender who can help...


Please help me in this stressful situation.

yomonkeyboy

Hey man,

I've just been accepted for a mortgage with Kensington - they take the latest years profits (Salary+Dividends) into account instead of working off your last 2.

This helped me out too as my first year I made a loss, the second year I made a 50k profit.

They also accept defaults older than 2 years.

I suggest going to a mortgage broker though, as they don't deal direct with customers and will only deal with brokers.

Let me know if thats helps.

seoguy

yomonkeyboy wrote: »

Hey man,

I've just been accepted for a mortgage with Kensington

With tier 1 visa?

HappyMJ

seoguy wrote: »

Hi, I am seriously struggling to get a mortgage with my circumstances. Please let me know if you guys know a Lender who can help me.

• Looking for a property valued £220,000
• I have deposit of 30%
• I am self employed and have 1 years of accounts (£38k profit last year)
• I am currently ok Tier 1 Visa been in the UK for last 8.5 years
• 1.5 years left on the visa after which I will be permanest resident (ILR)
• Current experian credit score 743
• I had 1 settled default 3 years ago

there must be a lender who can help...


Please help me in this stressful situation.

seoguy wrote: »

With tier 1 visa?

You'll need a broker. They are getting pickier as time goes on. When I got my mortgage I only had a temporary visa with less than 12 months remaining, had 25% deposit, only had a contract to prove income but they never requested it, no accounts (hadn't even been in UK for a full tax year so none existed), zero credit score but no adverse credit, no UK bank account (only had one based in Guernsey with RBS), no electoral roll....virtually nothing and was still approved. My mortgage was with RBS but lending criteria has changed. A broker knows the current lending criteria with all the banks and can help you. You could spend weeks trawling through each banks lending criteria and still not know which one will approve or decline based on any one of those criteria. Many banks now require ILR. Could you wait another 1.5 years or is that too long?

seoguy

Thanks HappyMJ. Actually, I can't wait looking a the current rate of house prices increasing so rapidly. Can you please recommend a broker who can help?

HappyMJ

seoguy wrote: »

Thanks HappyMJ. Actually, I can't wait looking a the current rate of house prices increasing so rapidly. Can you please recommend a broker who can help?

Seems silly to keep renting and not being able to save enough to keep up with rising house prices.

A broker local to you would be ideal. A face-to-face meeting in your case I think would be best. One you can easily visit during your work lunch break or on any evening or weekend outside of work hours.

You'll need to ring them up yourself. Eventually you'll find one you feel comfortable with. Just look in the local phone book...the local newspaper or even just walking down the high street. Always get a quote and an idea whether they can help before going too far.

seoguy

I don't think a local broker can help as my case is exceptional. I approached a local broker last time and they didn't help because of visa status.