Alternative loans to buy house from mother

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Ndiddy

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looking to buy a 300k home left to my mother, but am self employed and can't get a mortgage. Have about 150k-200k deposit and have been offered help by friend to be loaned the extra 100-150k. My income goes up and down each month but was hoping that if I borrow from friend and buy the house in cash, how soon (if at all )would a bank let me borrow the 100k-150k secured on the home to pay back friend asap and then I pay the bank on a secured loan. Pipe dream?
 
Before giving up on getting a mortgage, try Pepper, https://www.peppermoney.ie/ They will consider non-standard circumstances if the property to be mortgaged is in Dublin and surrounding counties (Louth, Meath, Kildare, Wicklow), Cork City, Galway City, Limerick City, Ennis, Shannon or Kilkenny.
 
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Could your mother afford to let you have the house for 200k and you pay her the 100k over a period of 10 years? All documented to avoid gift tax implications.
 
Ndiddy said:
looking to buy a 300k home left to my mother, but am self employed and can't get a mortgage. Have about 150k-200k deposit and have been offered help by friend to be loaned the extra 100-150k. My income goes up and down each month but was hoping that if I borrow from friend and buy the house in cash, how soon (if at all )would a bank let me borrow the 100k-150k secured on the home to pay back friend asap and then I pay the bank on a secured loan. Pipe dream?
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Some banks will consider raising a new mortgage to repay a loan in these circumstances, but it will be important to keep a good paper trail, e.g. bank statements, and possibly an agreement in writing with the person making the loan. They will want to be as certain as possible about what the mortgage funds are being used for.

As with all mortgages for self-employed people, the banks assess your income based on 2-3 years of average taxable income as per your tax returns. The lenders that assess over 2 years will most likely be the soonest available option, of course. Another thing that could speed up the process is making your tax return in January of the year that you are ready to apply, rather than waiting until October/November.

Pepper are a little more flexible than some (not all) other lenders for self-employed people, but only in that they will include consistent retained earning and pension contributions as part of an applicant's income. They also use a 2-year average of taxable income.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl (LinkedIn profile and client testimonials)
 
If your friend was looking for advice on here I'd probably tell him not to get involved with this.

What happens if you can't get a loan and you can't pay him back?
 
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