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Kasare, Solicitor
Category: Property Law
Satisfied Customers: 1301
Experience:  Solicitor, 10 yrs plus experience in civil litigation, employment and family law.
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We have has our house valued by local council at 135K however

Customer Question

Hi we have has our house valued by local council at 135K however with right to buy discount have had offer to buy at £61K we have £40K deposit therefore only need a mortgage for £21K but we are both recently self employed and have no records what can we do?
Submitted: 2 years ago.
Category: Property Law
Expert:  Kasare replied 2 years ago.
Hi thank you for your question, I will try to assist you with this.
Previously for those who could not get a mortgage on the open market their local authority had to offer mortgages for tenants who wanted to exercise their Right to Buy. However, this is no longer the case, that they HAVE to offer mortgages, although I would check with your specific local authority to see if they can assist you or if they have a list of recommended lenders who offer mortgages for such right to buy properties.
If they cannot assist, there are numerous other options available to you, especially given the low amount you essentially need, however, as I am sure you are aware these will obviously come with a higher rate of interest than a mortgage. You could seek to obtain a loan - many companies now offer simply loans up to £25,000. The other option that you could consider is peer to peer lending or mortgages.
There are also a number of mortgage providers and lenders who do specifically lend to self employed people. Whilst a three year profit history is desirable there are some that consider applications from those with just one year's trading history.
As a self employed borrower, your chances of obtaining a mortgage will be enhanced if you have a glowing credit score and a bumper sized deposit.
Given the deposit that you have available, the value of the property and the small amount of mortgage you require there is likely a lender that will assist.
However, we cannot recommend any particular company and therefore I would strongly recommend, if you have tried your own bank and they cannot assist, that you search online.
I hope this assists. If you have any further questions, please ask.
Customer: replied 2 years ago.
Hi thank you can I ask what is peer to peer lending pls.
Expert:  Kasare replied 2 years ago.
Hi Theresa
Peer to peer lending is a new form of lending it is not lending by traditional banking institutions - this is numerous individuals who essentially lend to borrowers and earn a rate of interest that is a little higher than a savings account. It is best to research this online if you are interested in this type. They are more flexible in their lending criteria than traditional banks.