First time buyer needs opinion

smacky

Hello Guys

looking for some opinion , questions may sound simple n foolish.. :-)

I am self-employed since feb 2009. work as a director in my own company

my last 3 years personal tax returns are approx

9/10 - 29000
10/11 - 34000 (+ 1k retained profit)
11/12 - 37500 (+ 4k retained profit)
12/13 - Expected 39ish (i will have more then 40k available but might keep in business to save tax)


I withdraw income as (sal+dividend)
My wife works in same business salaried (8400 pa)

I am looking to buy a house between 225-250 range with 15-20% deposit

I have had clean credit apart from 1m single payments missed (3 to 4 times) which would be about 40-48 months ago

Apart from that i have had loans , credit cards which i have always cleared without any late payments .

would these late payments be a prob ?
apart from these which bank will offer me best multiples ?

any suggestions will be appreciated

Regards

ACG

Late payments wouldnt be a problem but i dont think your income is enough. Its pretty tight as it stands, it might be possible but im not sure there would be much choice.

I think you would need an income of more like £45-50k, to have a few more options available to you.

smacky

i was looking at halifax calculator few min ago

if i put 38000 + my wifes 8k , it shows available amount as 207k
which sounds enough if property is about 240-250

ACG

Sorry i was scanning over the post, i missed the bit about your wifes income i only seen yours.

It might be more realistic with your wifes income, however some lenders will average your income out - not all do that but its worth checking as they may count your income as more like £33k.

smacky

thx for reminding me that some banks look at avg income..

i am planning to visit hsbc/halifax/Santander to find out what they have on offer

ACG

I think Santander can be a bit hit and miss with the self employed. From what i can gather (going off what others have said) they dont seem to understand people do things in a tax efficient way - ive never used them for a self employed person because of what ive heard, so i have no first hand experience of them.

smacky

does nationwide provide mortgage to non account holders ?

smacky

bump...............

GMS

Non account holders can apply.

Why not see a broker to save the legwork?

smacky

hi

i wouldnt mind, however if atleast if i knew how much could i borrow i could short list some properties to view

GMS

Amounts will vary from lender to lender.