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Concessionary Mortgage Help
RC1985
Posts: 3 Newbie
Hello,
Looking for mortgage brokers or financial advisors that specialise or have experience of concessionary mortgages.
Here are the details:
Buying my mothers property for less than market value. Property is worth around £180k (estate agents are valuing Monday). She will be gifting equity as a 10-20% deposit, on top of this we will put a further 10% of purchase price from our own savings.
Here is where I am a little worried, I am PAYE full time earning £28k however other half (we are not married) is self employed, his last net profit was £11k and year before was £14k. His bank told him he had to earn £15k to be considered for a mortgage so is this the case across the board and will we struggle to get a mortgage because of his salary. We don't struggle for money, both easily put away money into savings each month, pay all bills and still have money left over.
Are there any brokers who can help with our situation?
Looking for mortgage brokers or financial advisors that specialise or have experience of concessionary mortgages.
Here are the details:
Buying my mothers property for less than market value. Property is worth around £180k (estate agents are valuing Monday). She will be gifting equity as a 10-20% deposit, on top of this we will put a further 10% of purchase price from our own savings.
Here is where I am a little worried, I am PAYE full time earning £28k however other half (we are not married) is self employed, his last net profit was £11k and year before was £14k. His bank told him he had to earn £15k to be considered for a mortgage so is this the case across the board and will we struggle to get a mortgage because of his salary. We don't struggle for money, both easily put away money into savings each month, pay all bills and still have money left over.
Are there any brokers who can help with our situation?
0
Comments
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Will your mother be residing in the property?
Self employed income will be the lower of the 2 years as it has dropped.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No, my mother will not be residing in the property. She has moved out already.0
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This sounds manageable. You are simply speaking to the wrong Lender.
Engage a Mortgage Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm looking for recommendations on brokers who have experience of concessionary mortgates.
Does anyone have any recommendations?
I haven't spoken to a lender yet.0
This discussion has been closed.
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