Re mortgage for self employed and unable to proove total income

[goodraw]

Hi, I wonder if there is a solution to my problem which I'll try to explain: I would like to borrow £120k and have a mortgage on my home of £43k; the balance I would like to use to buy a BTL property,I have savings of about£135k to use as a deposit.However, I'm unable to prove my total income as I have started a second business in the last 10 months and this has increased my income by about £8k from £15k to £23k; plus we get about £8k in child tax credits.Would I be able to get a mortgage at a reasonable rate.My tax return shows the lower figure;Any advise would be very welcome.

[an@compoundproperty.com]

As many buy to let mortgages look at rental income, as opposed to salary income although some do look at that too, it certainly would be possible for a BTL

[Mortgage_Adviser]

Without 2 years accounts you are going to struggle to get a residential mortgage in the current climate. However you will definitely have options if you go down the btl route. The rate may be more expensive, but simply having a job, regardless of income, can be enough to get a btl mortgage. Regardless of your employment situation, it is always worth approaching your current lender to see if you can get a further advance from them, this will probably be at a better rate than what will be available from a btl mortgage. However I suggest you seek professional advice before making any decisions. Feel free to PM me with more specific details and I will see if I can help.

[Minerva]

I would definitely seek professional advice BTL may be the way to go.

[semiproinvestorTim]

Definitely look at BTL mortgages seeing as you can't prove income. an@compoundproperty is right, most BTLs are decided purely based on whether the rental income will cover 125% of the mortgage payments. Alternatively, if you are already a home owner then check out let to buy mortgages (yes I said that right).

Tim