evapetrol   10 #61 Posted June 13, 2014 (edited) We have the same problem. We have the deposit ( even more) but can't get a mortgage as Self employed. U should be able to get around 4 times your earnings on a mortgage but then they look at credit rating too and so on. The new Help to buy scheme is no help to us! Surely people who have a lump sum to start with should get better deals! What the banks don't take into account is that if we can afford 500 rent at the moment surely we can afford 380-400 per month for a mortgage. Edited June 13, 2014 by evapetrol Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #62 Posted June 13, 2014 They do. But a 10% lump sum is the minimum, a 40% lump sum will get you a better deal. Share this post Link to post Share on other sites Share this content via...
*Turbo* Â Â 10 #63 Posted June 15, 2014 We have the same problem. We have the deposit ( even more) but can't get a mortgage as Self employed. U should be able to get around 4 times your earnings on a mortgage but then they look at credit rating too and so on. The new Help to buy scheme is no help to us! Surely people who have a lump sum to start with should get better deals! What the banks don't take into account is that if we can afford 500 rent at the moment surely we can afford 380-400 per month for a mortgage. Â How long you been self employed for? Share this post Link to post Share on other sites Share this content via...
raemaan   10 #64 Posted September 7, 2014 I have of a property, S2, that require some work, no mortgage needed. I'll be happy to arrange it privately as long as you keep to agreement. Pm me if you wanna chat more. Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #65 Posted September 7, 2014 What are you offering? Whatever condition of the house, how can you guarantee that someone doesn't need a mortgage to buy it? Unless you are going to offer them private credit terms. (I've no idea if that would even be legal). Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #66 Posted September 13, 2014 Yes, a private mortgage is lawful (although nowadays unusual). Share this post Link to post Share on other sites Share this content via...
raemaan   10 #67 Posted September 16, 2014 (edited) Have you ever paid cash for a property, Cyclone? Or known someone who has? I would not be surprised if a lot of property sales are bought under terms without a mortgage, it would be interesting to know by how much, in light of the government review. Private agreements have been around since ....  (I wonder...) Does anyone know how long Private Agreements on property/land have been around?  In my opinion this makes good business sense, buying and selling property in this way.  http://www.gumtree.com/p/flats-houses/s13-3-bed-semi-need-a-quick-sale-no-mortgage-needed-by-private-agreement-moving-in-two-weeks/1081226044#map-content Edited September 16, 2014 by raemaan forgot to add a link to an add Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #68 Posted September 24, 2014 Everyone pays cash for properties. Whether the cash is from a mortgage or not is basically irrelevant to the vendor. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #69 Posted September 28, 2014 Everyone pays cash for properties(1). Whether the cash is from a mortgage or not is basically irrelevant to the vendor(2). (1) No. You misunderstand the question if you think that. (2) Yes, but- again- the thread is about obtaining mortgage finance and not about how the vendor receives the sale price. Share this post Link to post Share on other sites Share this content via...
Cyclone   10 #70 Posted September 28, 2014 I was replying to the post before my own, not to the thread in general.  Have you ever paid cash for a property, Cyclone? Or known someone who has?  Yes I have, because all (most) house purchasing is done using cash.  What someone seemed to suggest earlier was a private credit agreement, that you've since said is possible. I've no idea how common that would be, I've never heard of it before. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   83 #71 Posted October 6, 2014 What someone seemed to suggest earlier was a private credit agreement, that you've since said is possible. I've no idea how common that would be, I've never heard of it before. Anyone can lend anyone else a mortgage advance. It used to be very common pre-WW2 and, even though it's less common nowadays, it's still available as a mechanism. Share this post Link to post Share on other sites Share this content via...