Mortgage nebie need help!

alirob12

Hi, im thinking about buying my first house, and am trying to get my head round things. I am on just under 19k/month - 314/week after TAX, plus I give private lessons (200/month after TAX - I am registering as self-employed for this tomorrow, so cant officially put it as my solid income? can I?), and I am looking at something in a region of 105k in need of refurbishment. I have 5k I can use as a deposit, and possibly I can stretch that to 10k, (family). My only outgoings at the moment are:moble phone 35/month, petrol - 60/month, food - 150/month. I am planning t rent 1 bedroom out and get about 280-300/month to help with the mortgage.
Any advice on how much I can borrow and whats the best place 4the mortgage please?thanks

Mr_helpful

I think you will struggle. also the last thing you say to a lender is anything about lodgers as they tend to hate them if its not a Buy To Let mortgage
Is your private lessons income shown on your payslp

MortgageMamma

Are you employed and self employed? what do you do? teacher? driving instructor\?

alirob12

I am employed - work for the county council and due to flexi hours I teach english - as english/and work as an interpreter - I have 1 contract (10 hours), thats why I will be self employed or whatever - I have a meeting with formar Inland revenue tomorrow, to discuse my case). My payslips dont show my Interpretin business. so basically I get just over 1200/month plus 200 extra (my own business) (all after TAX) and need about 100k
When advised by C&G they said I can have 2 Lodgers without even notifying the morgage provider, so I dont need 2 mention them but thought that if I did mention that - that would give me and extra £300 'income' to help me get the mortgage?
thanks

toonfish

with a 10% deposit you could probably arrange this on a self certification basis with a lender that will take all sources of income into consideration, but if you use all th ecash how will you afford to refurbish it.

Another option is to approach your own bank and see if you have a preapproved borrowing limit.

alirob12

thanks for that, what companies would be able to do that? (take into account all my income?)
I will have some spare money plus about 600/month 2 spend on refurb, plus the house I like needs only cosmetic refurb nothing major - andI have all the paint I need, have all the tools I need, I have most of the furniture, and for the bargain hunter like me it will be a nice chalange...
so any idea who I can approach?
Thanks loads guys!