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is a mortgage really possible for us!?!?
prettyparis_2
Posts: 1 Newbie
Hi,
Myself and my partner are looking to get a mortgage next year. We are currently renting.
He works at a garage, and buys and sells cars himself. He earns good money from this, he pays £550 rent a month, and most of the bills and does not struggle. He has never taken out any lending, he has no debt and nor do i. He is registered as having his own business, however I am worried he does not have all the records of his business as he does not have an accountant. He earns anywhere between 1thousand and 3 thousand a month. On top of this, he owns a taxi and taxi plate which he rents out and gets £230 a week for, without fail.
I am a student. I work part-time and earn about £280 a month. I have no lending currently, however I may take out a student loan next year. I have recently recieved some inheritance and have about £8k in savings left. And could lend my hand to more, so we would be looking at a deposit of around 20,000 and then taking a mortgage out for 100,000.
Do you think this is possible!? We can definitely afford it. x
Myself and my partner are looking to get a mortgage next year. We are currently renting.
He works at a garage, and buys and sells cars himself. He earns good money from this, he pays £550 rent a month, and most of the bills and does not struggle. He has never taken out any lending, he has no debt and nor do i. He is registered as having his own business, however I am worried he does not have all the records of his business as he does not have an accountant. He earns anywhere between 1thousand and 3 thousand a month. On top of this, he owns a taxi and taxi plate which he rents out and gets £230 a week for, without fail.
I am a student. I work part-time and earn about £280 a month. I have no lending currently, however I may take out a student loan next year. I have recently recieved some inheritance and have about £8k in savings left. And could lend my hand to more, so we would be looking at a deposit of around 20,000 and then taking a mortgage out for 100,000.
Do you think this is possible!? We can definitely afford it. x
0
Comments
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Without proper records of income, post tax profit, etc for the last few years no lender is going to be able to even consider this.
He needs to see an accountant to put together a true picture of his earnings over the last few years.0 -
He should be keeping accounts for the tax man if no one else...
Once that's sorted then you might be in a position to look - but you'd be best saving a bigger deposit first.0 -
Has he paid tax on his earnings? If so then he should have the tax calculations from HMRC based on his tax returns. My oh's friend managed to get a mortgage based on the tax calcs as they are an official notice of how much he has earnt.
If he hasn't filed any tax returns, then you really need to do this before you even think about getting a mortgage.
M_o_30 -
sorry to be picky, but you say he pays 'most of the bills'
why doesn't he pay all of the bills?
or was this just a mistake on your post?
- - - -
anyway, to answer your question, the banks care more about the fact you can prove to pay, than just that you can pay. your partner needs to get his accounts in order to prove to a bank he is a good customer0 -
Maybe he's in a house or flat-share and that's how they decided to divide up the responsibility for the bills. I don't necessarily read anything sinister into the OP's information. Much more of import is the partner's proof of income and tax situation in qualifying for a mortgage.0
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Income tax assessments should do nicely....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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