How to get a mortgage not based on income

7th Sep 12
Islay Robinson GROUP CEO

Islay Robinson

Large Mortgage Not Based On Income

Islay Robinson

Wondering how to come by a large mortgage not based on income?

Arranging a large residential mortgage is tricky if your income, on paper, is not sufficient to cover the mortgage interest – especially when you are using a high street lender’s affordability or income multiples model.

We are able to arrange large mortgages in excess of £1m (with no limit) for high net worth individuals with other background assets or family wealth even if their ’personal income’ does not fit the traditional 4 X income requirement.

This is not a ‘self-certified’ or ’ non-status’ mortgage. Our lenders will take your full circumstances into account and make a decision to lend based on your situation, your ability to meet the interest requirement and your ability to repay the loan at the end of the term – not just the figures on your tax return or P60.

This type of mortgage is useful for:

  • People who have equity in their main residence which they would like to release to take an opportunity
  • Business owners who retain profits and simply draw what they need to live on (which is tax-efficient)
  • Individuals who have property, investment, trust and/or international income sources.

For these types of mortgages, the lender will be looking for some other relationship with the client (either assets to manage or other services to provide now or in the future) and the application process will be more than simply completing an application form, but we are achieving some excellent terms and very flexible lending solutions. For example:

  • Interest-only for 5 years, with some lending indefinitely
  • Margins from 1.5% over the cost of funds
  • Credit line lending – the facility is there to use at your discretion and interest is only charged on the amount drawn.

If this sounds like a solution for you now, please do get in touch via the link below.