Mortgage solution to an impossible scenario

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Jacob

New Member
#1
#1
Hello,

I am someone looking to get into the property business as I have witnessed my mother do so to great effect. My problem is, as with many others, getting started...

I have a fairly decent deposit so on paper i can find many properties that would represent a good ROI however it seems I am the problem not the 'deal' itself.

I had thought to get a Buy-to-let mortgage, but i seem to represent a very bad customer for borrowers, as self-employed, first time buyer, artist, low income earner. I struggle to meet the criteria required in most offers, i also fall into the 'backdoor mortgage' category of suspicion.

So, a joint mortgage with my mother perhaps, but this also seems to have problems; having to many mortgages already, age restrictions to the length of mortgage...

I am looking for a lender that might offer a mortgage on a individual case basis (if this exists!), as oppose to a blanket set of criteria. Or, a recommendation of a good broker that might specialise in this sort of tricky situation/arts sector.

I imagine anyone that could find us a mortgage would have to be great at their job but that it is possible and that you're out there...

Any information/help/realism would be greatly appreciated.

Jacob
 
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Jeffrey Shaw

Member
Staff member
#2
#2
Yes- you'll need an Independent Financial Advisor (IFA) or Mortgage Broker with 'whole of market' access (= not tied to a specific mortgagee or group of mortgagees). Such IFAs/MBs are remunerated by the customer, you, so always ask for a fee quotation before signing-up.
 
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chris horne

Member
Staff member
#3
#3
Hi Jacob,

Your situation appears to present a challenge but it depends how much you need to borrow. Having a good mortgage broker would be a good starting point. If you message me your details I could get Property Hawk Mortgages to contact you. Sometimes you can be inventive with your financing by blending a personal loan with a mortgage. Many landlords have started out like this but obviously you would have to be sure that you could afford the repayments. Another route maybe for your mother to remortgage and then lend you the money personally to get your portfolio started. As they say where there is a will there is a way but it often depends on how determined you are to get going.

Chris
 
J

Jacob

New Member
#5
#5
chris horne said:
Hi Jacob,

Your situation appears to present a challenge but it depends how much you need to borrow. Having a good mortgage broker would be a good starting point. If you message me your details I could get Property Hawk Mortgages to contact you. Sometimes you can be inventive with your financing by blending a personal loan with a mortgage. Many landlords have started out like this but obviously you would have to be sure that you could afford the repayments. Another route maybe for your mother to remortgage and then lend you the money personally to get your portfolio started. As they say where there is a will there is a way but it often depends on how determined you are to get going.

Chris
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Hello Chris,

Thank you for this. We are not looking to borrow a huge amount, in fact we will see properties this week that should clarify the final amount. I shall message you with some details. Some light perhaps
 
J

Jacob

New Member
#6
#6
Jeffrey Shaw said:
Yes- you'll need an Independent Financial Advisor (IFA) or Mortgage Broker with 'whole of market' access (= not tied to a specific mortgagee or group of mortgagees). Such IFAs/MBs are remunerated by the customer, you, so always ask for a fee quotation before signing-up.
Click to expand...
Hello Jeffrey,

Thank you for this, I have now contacted a IFA, so hopefully that will give us some options.

Jacob
 
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