Self certification mortgage

[chonok]

I am looking to buy a piece of land to carry out a self build project.

I know I can easily afford the monthly repayments for the value of the land on top of my existing mortgage, but unfortunately as our mortgage is already about 4 x our income, I am struggling to get it.

The main problem being that I pay myself a low wage from our limited company.

I think the only way that I will get it is self certification - are these still offered by any of the high street banks. I can't seem to find any?

I have enough savings for about a 30% deposit.

Thanks

[chonok]

I have never paid myself a dividend in 6 years of trading!

I know i probably should do though.

[chonok]

Sarnie said:

Ok, if you take the amount you want to borrow and divide it by five, if that number is less than what you pay yourself annually then it can be done.

If it's more then it can't, to put it simply.

It is less than 5 x the amount I pay myself. Trouble is I have a mortgage on the house I live in that takes it over...

Looks like it cam't be done then, unless I beg, steal, or borrow.

What if I suddenly give myself a pay rise this month (say double my normal pay?) How long would I normally have to do this for before the banks will class it as my 'income'?

[chonok]

I've just contacted freedom finance about this...

http://www.barclays.co.uk/Yourloanoptions/Personal...


Maybe another option

[chonok]

Sharted said:

Alternatively:

Sell your house and buy a caravan and live on site while you build.

bet that'll encourage you to speed the build up.

Happily do that. That is not the issue. The issue is selling my house before the deadline for the tender in February.