First time buyer unsure of mortgage eligibility

discopants

Hi,

I'm a first time buyer looking to get on the property ladder, but am unsure how likely I am to be able to buy in the current lending market due to my circumstances. I'll lay them out below in the hope somebody can offer some suggestions on how my application may be considered.

1. I have a 5 year old satisfied CCJ against my name.
2. I have a reasonable deposit - approx 30% of house value.
3. I don't have 'regular' or easily accounted income.

1. This was a petty fine that I didn't realise was on my credit file as it was sent to my previous address. As this was only for a £100 fine rather than a defaulted credit card or similar, I'm hoping I may be able to explain this away without too much damage? No other 'bad' credit on my file, although very little 'good' credit as I tend not to borrow much.

2. I am looking for a starter home, and have the savings to put a deposit of 25% to 30% on a property. As the part of the country I'm looking to buy in is relatively inexpensive that should guarantee the mortgage I require will be below £100k, and possibly as low as £70k.

3. I am a director of a company, although my stake is less than 20%. Due to losses made in establishing the company, I'm sure no mortgage lender would take the companies books as re-assurance of income. During this 2 year period establishing the company, payments to the directors have been somewhat intermittent. Over the past 6 months this has improved and I have received £2k per month in the form of repayments of expenses and directors loans. As we now have no debt, reasonable cash reserves to cover at least 6 months salaries, and a strong sales pipeline, I will be moving to a salaried position from Jan-2010 to maintain these payments (so £32,000 gross p/a).

Does anyone with experience of the market know what my chances would be off securing a mortgage? I noted that some mortgage lenders would allow directors with > 20% stake to apply as employees, so thought that I may be able to go down that route once I have 3 months PAYE pay slips in the next financial year. Failing that is there an accepted LTV figure I need to hit that will likely keep a lender happy? I could possibly scrape together a 40% deposit if it would tip the balance.

Apologies if this request is a little general, I'm grateful for any help the forum can provide.