offset mortgage

memeber of my family did not qualify with a account covering over double the value of the desired property.

try first direct

Im looking for a loan to cover 30% of the property price

no proof of earnings

No Proof of earnings???

There is no such thing as self cert anymore so you will have to be self employed or employed with a salary /earnings less than 5 times salary.

To pay no interest you will OBVIOUSLY have to have the same amount in savings as you owe. Any net balance will incur an interest payment.

There are some good offsets out there at the moment. Who do you bank with?

why is it obvious?

I am asking a question.

half my earnings or on here. the other half come in cash periodcially from other business, which is legal.

Am I right in thinking that :

If I have 80% of the proposed loan on deposit with my bank (NW), they would lend me the 20% at - interest on loan minus interest on the deposit?

I have a £300k mortgage on a property worth £600k and have £285k deposited so only pay interest on £15k - this suits me as if an investment opportunity presents itself I can move quickly and lay my hands on £285k at 2.49% - I'm with the Woolwich -this rate may have increased since I set mine up.

Beetle

You are making this too complicated!!

If you buy a home for 100k you will need to put a deposit down. Say 40% to get a good deal. You have a mortgage of 60k and will pay interest on 60k.

If you deposit 30k in a savings account you will pay interest on 30k. You would have the option to either reduce your payments, or keep your payments the same and reduce the term.

beetle, if you need any advice, contact me at info@mortgageservices4u.co.uk. regards lewis, director