help/advice needed

i was looking to buy on cda jardins and paid 10% dep to cam bank i am self employed and made a gross profit of £25000 the only debt i have is a mortgage for my home here the repayment is £290 per month.  They have declined my mortgage and said in need to prove more income.  I dont uderstand this any help or advice on how they work this out please. 

Try a co called www.morgage4spain.com a chap named Stefan Onsmark is pretty darned good at getting mortgages for all sorts of circumstances.

Did you produce 3 years audited accounts, or 3 years SA302's (Inland Revnue forms).

Thats what I was asked for by CAM, along with credit report, bank statements and ID.

Your income should be more than sufficient.

they only asked for 1 year and i sent the submitted tax return, credit report that was fine and bank statements.

They are probably looking at your total mortgage balance, rather than the monthly payments. 

If you are looking to borrow say £60,000 from CAM and you already owe say £90,000.00 on your main residential mortgage this would be 6 time your income and they could deem this unaffordible.

Things are much tighter than in 07 when they leant to me. I would maybe try a different lender, if that fails you could do a joint mortgage with a friend/family member, they would then have 2 incomes to take into acocunt.

 

 

This message was last edited by darren.wilkes on 27/01/2012.