-= Mortgage without a Fixed Job ???=-

alleyesonme

Hi there im in serious need of help, me and the missus are looking to rent but house prices in the manchester area are rediculous, the ones slightly out are not what we are looking for. I left my job late last year to persue my own adventures in running a DELBOY typa thing, basically buy n sell stuff on, which thankfully has helped me and theres always new income streams, for the passed 3 months i have regularly withdrawn a certain amount from paypal in the hope that maybe when it comes to purchasing a property that this regular income will be some sort of proof i have a job, question is - is there a way around this? is there a mortgage i can get with a company that doesnt do extensive checks? i appreciate there a business and have an investment to protect but is my only option to now go back to working until i have been there long enough to show proof of income?
Please help i want a home - by the way im living with parent and so is she
Regards
Omar

Freddie_Snowbits

Yes.

But you'll need proof of income!

Without it

They could rip you off. First thing to do is get some proof of your income, a business plan etc, would go along way to getting a better rate.

Or you could of course self cert, lie about you income and pay over the odds.

The choice is yours

;D ;D ;D ;D ;D ;D

alleyesonme

hi there thank you for your kind replyt, ok if i lie about my income hypathetically speaking, and say yes im working and because paypal shows up as wells fargo, i could say this is my wages as its bacs right? i will have bank statements to prove this to.... is this good enough to get a mortgage or will some banks do more extensive checks??? any advantages to applying online?

greedwatchuk

you could find a seller who will agree to pay the 15%deposit required for non status mtgages.theres lots of ways to do this legally.Good time to do it as lots of desperate sellers at the mo! I am a former estate agent so i would find a property with a 15% margin between its value and what you will pay.Ie if its worth 100k you offer them 85K and get them to put the price down as 100k.its not illegal if you go about it the right way.find a good solicitor used to dealing with this kind of thing and that will help.never listen to people who say it cant be done it can!

Robert_Sterling_3

IMHO This thread is a tad out of kilter with the MSE policy.
I could of course be wrong about this.

greedwatchuk

Fair comment but perhaps I explained that badly! There are lenders however who will take all of the applicants circumstances into consideration in addition to the fact that a property is being purchased at a lower than market value price.It will often depend on many factors ie credit scoring,size of deposit etc.At the end of the day if a lender knows they have a secure investment as assurety they will sometimes grant an application fully aware that the vendor is in a sense contributing to a deposit.You will find that the big high street lenders wont normally be that flexible but you might find a lesser known company who will advance on that basis.Only snag is they will probably charge you a higher rate as with any increased risk.Its a question of shopping around to find a small independent lender who will do it.After the tie ins expired you switch mortgages by which time you have a better credit record etc and can apply for a better rate.A good solicitor will ensure everything is all above board.cheers