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Need recommendation for a mortgate company - self-employed, no accounts

Hi -

I want to apply for a mortgage of £400k. Ideally it would be interest only and for 105% of the purchase price to accommodate legal and related fees.

I have a few things working against me - I am self-employed, without accounts and have been resident in the UK for less than 3 years. In one high street bank's words, I am "looking for all the variables".

Working in my favour are several matters - the real estate market is depressed, so the lender would be holding a security which - according to most analysts - will soon rise in value. Also, I have excellent reference letters from landlords over the last 5 years for both my personal accommodation as well as office space indicating that I honour my monthly commitments. My credit record is strong.

So - no doubt I will be taking a hit with a non-high street lender who will take advantage of my situation. How do I minimise the hit? Are there recommendations for lenders or mortgage brokers which treat their customers more fairly than others?

Anyone I should explicitly avoid? Any issues I should be aware of which are particular to the UK market that I need to deal with (i.e. can I transfer mortgages after, say, 2 years by which time I would hope to have a profile more acceptable to High Street banks?

Thanks, Stu

Reply to
Stuart
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This is *uk*.consultants. I don't know where you're writing about, but anyone expecting house prices to go up is not talking about the UK market. See the Business section of the BBC News web site on almost any day over the last few months.

-- Tim Ward - posting as an individual unless otherwise clear Brett Ward Ltd -

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Cambridge Accommodation Notice Board -
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Cambridge City Councillor

Reply to
Tim Ward

Unfortunately, I don't think you will any lender for this deal - not without more security/guarantee.

-- Doug Ramage

Reply to
Doug Ramage

Someone who thinks that it will be possible to get a 'no status' mortgage for more than about 75% LTV is living in cloud-cookoo land. Lenders expect to see the purchasor taking some of the risk, if they were in the business of taking all the risk themselves they'd be the ones buying the properties to rent out in the first place.

Even if this were true, it would count for nothing, as above, lenders lend money for the (smallish) lending premium, if they wanted to take the capital risk they'd be buying the properties themselves

So what?

No-one will take advantage, they will show you the door whilst trying to supress a fit of laughter.

Define fair? I can't see any way that "lending money to someone who can't prove that they can pay it back" fits the bill?

And if you have a loss you declare bankruptcy and walk away. As you're not putting anything into this deal, why should a bank?

Tim

Reply to
tim

I was allways under the impression the general rule was that if your "unsecured with no accounts" your generally talking about putting up at least 25% as an absolute golden minimum.

But I have also seen those adverts claiming to offer 105% etc.etc. on various deals..

Are they true? Will people actually lend on those kind of terms? Or perhaps only if you have prooven historical records with a good income?

Reply to
Stephen

Both those options are available - but not together, AFAIK.

-- Doug Ramage

Reply to
Doug Ramage

In article , Stuart writes

Anyone who would lend you money on the terms you want.

I cant believe that your question is serious!

Reply to
Richard Faulkner

Yes, no early redemption penalties is important to moving lenders but portability will not help move lender, only move house and stay with current lender.

Besides, the guy will not get what he wants (105%, self cert) so the point is moot.

Arfie

Reply to
Arfie

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