Self-employed with 10% deposit - impossible?

stressedouthomebuyer_2

Please help! My partner and I are trying to buy a property for around £230-240k. He is set up as a Ltd company and has one year's accounts and is on a rolling contract. Our joint earnings are just under 45k per annum after tax. We currently only have 10% deposit (up to 24k).

To complicate matters further he already has a mortgage on another house (106k) which is currently rented out for £575 pm which more than covers the mortgage (£525 pm incl ovepmts).

A family member has offered financial assistance by either paying off our credit card debt which totals £19.5k or giving us this amount to increase our deposit.

As you can probably imagine we're struggling to find a mortgage for anywhere near the amount we need. Can anyone offer any advice or shall we just give up and stay with family for now?

Thanks in advance!

Radiantsoul

I would clear your credit card debts, they are going to scare any lender.

herbiesjp

You are looking at high income multiples

Which with any outstanding financial commitments i.e the debts, will need to be even higher, and therefore a non starter.

With the debts cleared you have very limited options for a few reasons:
1) 10% deposit
2) Only one year full accounts
3) Over 4 times income
4) Property in the background

Now there may be only 1 or two options, but you would really need a good whole of market adviser to help find out if this is definitely a non starter