Mortgage With No Income

Tax_Slave

I currently work abroad.
Returning to uk in October.
Paid in foreign currency and pay tax in EU country.
Mortgage free property in uk worth £440,000 ish
Savings £173,000
Redundancy in October and payout of £70,000 after tax.
Want to buy a second property in next two months worth £170,000.
Plan to move house downsize in Feb 2017 ish and release £60,000.
So to plug gap between buying second property , redundancy payout and downsize, I need to borrow approx £50,000.
This is to cover various expenses when I return to uk.

Is it possible to borrow money with no uk income, but just based on uk assett worth ?

Ps age 53

minimike2

This isn't going to happen.

No lender will be able to prove affordability on an income of £0.

Also what you are looking for is bridging finance and again a mortgage lender is not going to be interested in that.

I haven't dealt with bridging finance for about 7 years so wouldn't know if it is possible for your situation. There will probably be someone along soon who deals with bridging more regularly who can answer that one.

AnotherJoe

You could try a p2p lender that specialises in bridging finance based on equity in a property, there are a few.

Tax_Slave

AnotherJoe wrote: »

You could try a p2p lender that specialises in bridging finance based on equity in a property, there are a few.

Ok I will look into that option.
The loan/bridging finance would only have to be for 3 to 4 months max.