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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 by evapetrol

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They do. But a 10% lump sum is the minimum, a 40% lump sum will get you a better deal.

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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.

 

How long you been self employed for?

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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.

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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).

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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 by raemaan
forgot to add a link to an add

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Everyone pays cash for properties. Whether the cash is from a mortgage or not is basically irrelevant to the vendor.

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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.

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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.

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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.

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