Self employed ftb

stuart2588

Hi

I was wandering if it would be possible to get some help in relation to buying a house.

My fiancee and I are deciding whether to buy a house or rent.

I am a self employed driving instructor with an average 3 year accounts of 16k. ( However the accounts arent audited yet). I could earn more if I need to.

My partner will be graduating from university this June but at the min has a part time salary of 7k. However she is guarenteed a job after uni starting on 18k.

We have a loan of £2500 and no other debt.

How much would it be possible for us to borrow based on us having around 10k deposit if we go to a mortgage broker?? We arent looking for anything fancy. Just a house to start off.

This is so confusing especially as I am self employed!

happybroker

when you mention £16k is that your net profit?

captainhaggis

Depends largely on the value of the proprty. Most lenders still aren't overly concerned about employment multiples, as long as it looks like you can meet the payments.

stuart2588

happybroker wrote: »

when you mention £16k is that your net profit?

Yea thats my net profit figures of 16k. Thanks,

stuart2588

captainhaggis wrote: »

Depends largely on the value of the proprty. Most lenders still aren't overly concerned about employment multiples, as long as it looks like you can meet the payments.

Thanks for your reply. That sound good. Would they just ask to see my audited accounts and alot of bank statements then?

Sorry for my lack of knowledge on this lol

happybroker

with a 10% deposit the max purchase price you can look at just now is £100k. You will struggle to raise £90k based on your income, maybe a little but if the loan payments are high maybe a lot.

You at least know that you can't go over £100k for the house and if you can find property that suits for less than that then speak to a good adviser to establish exactly how much is a) available and more importantly b)affordable.

Good luck, sounds like exciting times!

stuart2588

happybroker wrote: »

with a 10% deposit the max purchase price you can look at just now is £100k. You will struggle to raise £90k based on your income, maybe a little but if the loan payments are high maybe a lot.

You at least know that you can't go over £100k for the house and if you can find property that suits for less than that then speak to a good adviser to establish exactly how much is a) available and more importantly b)affordable.

Good luck, sounds like exciting times!

Thanks so much for quick reply!

That is great to know. At least now we can work towards something. Thanks again!