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Specific mortgage scenario - any help, please?

Options
1. Single person aged 39 as FTB.

2. Low loan-to-value required, perhaps only c£45k of required £130k.

3. Unprovable income as self-employed with variable, fairly low annual receipts, otherwise clean credit record.

4. Willing guarantors (parents) but both in mid-60s and retired, on joint declared property and pension income of c. £33k gross. No outstanding debts or mortgage.

Is anything possible at non-extortionate rates? I'm told that they are at historic lows but I imagine that these are actually only available to the hypothetical 'ideal borrowers' of this world...

Any ideas greatly appreciated.

Comments

  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No proveable income = no Mortgage

    That is the way since the market reset itself in 2008 to 2012
    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.
  • ric1982
    ric1982 Posts: 235 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Just an idea. If you only require 45K then why not get some personal loan + borrow from close friends/family?
  • kuratowski
    kuratowski Posts: 1,415 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    When you say unprovable income - your tax records do count as proof so if you are paying tax your HMRC tax records can be used to prove income (and if you're not earning enough to pay tax, I can't see how you could be eligible for a mortgage).
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The Government have made full use of recent changes to Mortgage criteria to ensure that, !!!8216;earning enough but forgot to tell the taxman!!!8217; is no longer an option.
    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.
  • Charlton_King
    Charlton_King Posts: 2,071 Forumite
    I've been Money Tipped!
    Ok, all pretty negative...

    ... so I guess that the idea of having guarantors has also disappeared from the market, right?
  • Edi81
    Edi81 Posts: 1,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    60 something year old guarantors are unlikely to work.

    If you only need to borrow £45k could you get a permanent job to secure the mortgage?
  • Do you not have any income to prove at all? What income your tax returns are showing?
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    OP, have you not been declaring the rent you receive from your BTL property?
  • Edi81
    Edi81 Posts: 1,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Based on previous postings I wonder if the question is for his son...OP please clarify if this is for you or someone else?
This discussion has been closed.
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