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Specific mortgage scenario - any help, please?
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Charlton_King
Posts: 2,071 Forumite

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.
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.
0
Comments
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No proveable income = no Mortgage
That is the way since the market reset itself in 2008 to 2012I 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 -
Just an idea. If you only require 45K then why not get some personal loan + borrow from close friends/family?0
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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).0
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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.0 -
Ok, all pretty negative...
... so I guess that the idea of having guarantors has also disappeared from the market, right?0 -
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?0 -
Do you not have any income to prove at all? What income your tax returns are showing?0
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OP, have you not been declaring the rent you receive from your BTL property?0
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Based on previous postings I wonder if the question is for his son...OP please clarify if this is for you or someone else?0
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