Self-Employed FTB Mortgage Questions..

billymadbiker

Hi all!
To keep it short,
We are looking to get onto the property ladder,
My other half is in full time employment on 20k p/a.
I have been self-employed for the last 10yrs,
My tax return for 07-08 showed a taxable profit of 25k from a turnover of 36k.

We have about 20k saved to use as a deposit & purchase fees.
We have also, for the last year, paid 1400p/m into a joint account, we spend 900p/m (including rent of 500) on living expenses) so, presuming the new house costs the same to run (which it should) this would give us 1k p/m available for the mortgage repayments.
Out of that 1k though we would also need house insurance and, I presume as I am selfemployed) Insurance for myself?

First, I am thinking that 20k is not enough down-payment? The houses we like in our area are around the 180k mark, We were originally thinking of 18k deposit but with me being S-Eare we going to need 15% or more?

Second, What sort of amount would we be available to borrow based on our income and monthly repayment ablity? (Aware that we may have to wait until we save more deposit)

Third, I am about to file my 08-09 tax return. What sort of income would I be expected to show for a 180k mortgage? I can do more work if needed!
Many Thanks, Billy.

billymadbiker

Also, forgot to ask, what's the standard way of working out the amount of loan when 1 person is employed and one self employed?
Thanks again!