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  • Mortgages & Finance

    Self build finance multiple income sources

    Hello all,

    Looking to explore some residential self build mortgage options.

    Currently have a reasonably well paid PAYE white collar job paying around £80k, which should, in the next two years or so, increase to around £125k.

    On top of this I own +/-15 BTL properties in my own name (plus some more in others). It is difficult to accurately determine the actual profitability of the portfolio as a whole given it is still growing and there are considerable write offs involved in refurbishing them etc but generally speaking I would suggest each property once refurbished and let clears around £4.5k per year as a rough figure so lets maybe round it down a bit and just call it a conservative £50,000 as it stands by including voids etc. Obviously this “income” is not really reflected on any self assessment etc whilst I am still growing the portfolio and writing off all refurb costs etc.

    On top of this I am the director of a company which I would estimate will declare around a £20k profit this year.

    In the near future I would be looking to fund a self build based on a land purchase of around £200-250k and a build of around £300-350k. There would be around £100-150k to put into said project if required.

    The issue I am currently finding is that lenders will only consider lending on the back of my PAYE income of £80k which, in truth offers me something which is neither here nor there. Does anybody know of any lenders which would be willing to lend on the back of my actual income which is more like £150k and should touch £200k in a year or two, albeit it will always appear a bit all over the shop on paper.

    Any assistance much appreciated.

    Matt

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