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Re mortgage for self employed and unable to proove total income

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  • Re mortgage for self employed and unable to proove total income

    Hi, I wonder if there is a solution to my problem which I'll try to explain: I would like to borrow £120k and have a mortgage on my home of £43k; the balance I would like to use to buy a BTL property,I have savings of about£135k to use as a deposit.However, I'm unable to prove my total income as I have started a second business in the last 10 months and this has increased my income by about £8k from £15k to £23k; plus we get about £8k in child tax credits.Would I be able to get a mortgage at a reasonable rate.My tax return shows the lower figure;Any advise would be very welcome.

  • #2
    Re: Re mortgage for self employed and unable to proove total income

    As many buy to let mortgages look at rental income, as opposed to salary income although some do look at that too, it certainly would be possible for a BTL

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    • #3
      Re: Re mortgage for self employed and unable to proove total income

      Without 2 years accounts you are going to struggle to get a residential mortgage in the current climate. However you will definitely have options if you go down the btl route. The rate may be more expensive, but simply having a job, regardless of income, can be enough to get a btl mortgage. Regardless of your employment situation, it is always worth approaching your current lender to see if you can get a further advance from them, this will probably be at a better rate than what will be available from a btl mortgage. However I suggest you seek professional advice before making any decisions. Feel free to PM me with more specific details and I will see if I can help.

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      • #4
        Re: Re mortgage for self employed and unable to proove total income

        I would definitely seek professional advice BTL may be the way to go.

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        • #5
          Re: Re mortgage for self employed and unable to proove total income

          Definitely look at BTL mortgages seeing as you can't prove income. [email protected] is right, most BTLs are decided purely based on whether the rental income will cover 125% of the mortgage payments. Alternatively, if you are already a home owner then check out let to buy mortgages (yes I said that right).

          Tim

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