partner self employed; myself student

x.nukke.x

Hi All,

I was wondering if someone could offer me a piece of advice.

My boyfriend and I are looking to buy a house (at £165,000 - I understand this is expensive, but we want a "forever home" not a stop-gap). He is self employed, but is earning around £1000 per month. His business has only been up and running for a year. Because of this a building society/bank won't even look at us.

I will be studying for a masters degree, but I have secured a stable part time job (I worked there full time 2009-2010 for placement) and will be earning around £400-£500 per month. I also have a part time job for when I am not working or in university and will earn around £500-£600 per month from that. Meaning I will earn between £900-£1100 per month.

Can anyone suggest a way for us to get a mortgage, at 90%LTV? We hope to get a 10% deposit saved as we currently have no monthly outgoings other than petrol and his phone bill (£30per month).

Thank you all for your help, or even just for reading the thread, please feel free to tell me if it's a lost cause - I'm starting to assume that already!

kingstreet

Sorry. Nothing I can see could help you.

The self-employed need a minimum of two years accounts, plus a projection. Three years would be better with such a small deposit. His net profit is the figure the lender will use as his income for mortgage purposes. That's turnover less expenses, but before tax allowances, tax and NI.

For a near £150k mortgage you'll need a joint income of around £50k.

GAH

Sorry You Won't get a mortgage at the moment. You Partner is going to need at least three years worth of books and for a sharp rise in wages.

And yours would need to rise as well.

Sorry to be harsh.

even if you did get a mortgage, you then have Council Tax, Utilities, TV Licence, Buildings and Contenants Insurance, Money for maintaining home, furnishing costs, thats to name a few.

Thrugelmir

x.nukke.x wrote: »

we currently have no monthly outgoings other than petrol and his phone bill (£30per month).

Then you need to wake up to the expense of home ownership along with day to day living expenses.

x.nukke.x

Thrugelmir wrote: »

Then you need to wake up to the expense of home ownership along with day to day living expenses.

I am fully aware of how expensive it can be. I am ready and prepared for that as I have been saving every penny I can, and also am willing to work two jobs and complete a masters degree at the same time. I have good money sense, as well as the common sense to realise that it will cost money to live. I was only stating that we would have enough money to save for a deposit, I was not insinuating that we would be immature with finances.

I have the money set aside for estate agent fees, solicitors fees and surveys, as well as a good start into the deposit.

My boyfriends father is going to retire shortly due to ill health, so his earnings will increase quite quickly. And there is the option for him to work a second job also.

I do understand though that it is still unrealistic, but I shall continue trying!

Thank you again for your replies.