Mortgage without proof of income

Discussion in 'Property Finance and Real Estate Loans' started by patd2016, Dec 14, 2015.

  1. patd2016

    patd2016 New Member

    Hi guys

    looking for some help here I am struggling to find a mortgage as I have no proof of income but have deposit and savings to pay mortgage.

    Basically Ive been living in Australia for 4years and have saved up some money and now want to buy in Northern Ireland but have been told im going to have to wait 2 or 3years (or longer) as nobody will give me a mortgage without proof of income and history.

    I am renting at the minute paying £600 month but could mortgage the place im in, repayment for around half that.
    Ive researched non status and self cert mortgages but it seems non status is based on your credit file which i will have none and also only being back in country looks almost impossible.

    I have a budget of around £70000-£100000 which should get me somewhere not bad and have a 10% deposit. I have a little bit more saved which I hope to start a business of some sorts with.
    Currently just working as a taxi driver (as still not alot of work here but ive had to come back as need to spend time with my kids) but its killing me paying £600 month rent would really love to get on the property market asap but having great difficulty have been trying last 2months or more since i got back.

    Been banging my head of the wall so much would greatly appreciate any help or anyone else thats had to do this or even just some advice???

    Thanks very much guys

    really tired of hearing its impossible lol cmon guys sum1 has to know :)
  2. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    Hi Pat,

    I think there are still ways although the Uk mortgage market is far tighter than it used to be post credit crunch!

    Have you investigated the help to buy scheme yet? Or perhaps shared ownership?

    Another alternative is to buy a buy to let and then ask permission from the mortgage company to live there yourself at a future date... Always check this though as you wouldn't want to be commuting mortgage fraud!

    We also have an "in house" broker who may be able to help... Please start a "conversation" message with me with your email and phone number and I'll ask him (Jon) to give you a call if that helps?

    Keep researching and learning and you'll find a way...
  3. patd2016

    patd2016 New Member

    Yeah ive briefly looked into the help to buy but they can be hard to get and id say a single man would struggle to get it as they would tend to give towards young families and stuff.
    Yeah the buy to let would be an option but the deposit is just far too much (25-30%) and wouldnt leave me with alot of cash.

    Yeah i think ill talk to the mortgage broker maybe see if he knows of any mortgage lenders that would be sympathetic to my situation because i could probably show 6months wages very soon
  4. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    Sounds sensible - build up a bit more track record and it will definitely get easier...
    Help to buy isn't just for young families it's for low income and first time buyers so worth looking into that in more detail I'd suggest before you rule it out...

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