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27 Jan 2012 00:00 by themover Star rating. 2 forum posts Send private message

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. 




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27 Jan 2012 10:26 by ajw Star rating in Aberdeen. 1064 forum posts Send private message

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

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27 Jan 2012 11:10 by darren.wilkes Star rating in Bolton/Vegas. 718 forum posts Send private message

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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.



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27 Jan 2012 11:53 by themover Star rating. 2 forum posts Send private message

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




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27 Jan 2012 13:00 by darren.wilkes Star rating in Bolton/Vegas. 718 forum posts Send private message

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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.

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