20 year old wanting to buy new build 170k - £230k please help

kinh

Hi guys, first of all, please take me seriously I am not a troll, or a dreamer. I am serious and need your help.

I would like to purchase a new build house, (not a apartment/flat) with a garage with in region of £170k to - £230k depending on what I currently can get for my buck.

I want to take the oppourtuinity and use that new government scheme and put down a 5% deposit and they will put in a 20% deposit for you.

Some facts about myself.

I earn on average, £3000 a month online through Google Adsense for my websites, (being doing so for past year.

I work full time for Sainsbury's picking up just over 1,100 a month.

I have a good credit history, credit cards, and phone contracts, not late/miss payments. CCJS, Defaults. I am on the electroll roll.

So combined through my website earnings, and my full time work earnings, I earn just under £4000.00 a month. My website earnings is not taxable. I don't have a business.

So affordability I can afford the mortgage payments. My mum will also be living there, contributing over £500 a month for the mortgage. Her credit is bad though, with CCJ'S/Defaults/Missed/Late payments.

So taking into fact that r.e the about about my mum, plus she's over 50, which is a negative factor when it comes to something such as a mortgage. I will be going through with the mortgage application just by myself.

So taking into consideration, my age, and my income mentioned above, can I get a mortgage on a new build property worth £170k - 230k? I will be using the government right to buy scheme and put i a 5% deposit with them contribuiting the rest of the deposit. 15 or 20%??

I would like to use Nationwide for my mortgage, but is it best to approach a broker who's job I'm guessing is to find you the best deal/someone who will likely accept you?

Can someone help me also to find some new build house properties perferbably with 2 or more bedrooms, and a garage and maximum 15 miles from where I currently live Birmingham B12 8EH.

many thanks

Lokolo

Google Adsense income is still income and is taxable so I am not sure why you are saying it isn't?

Not sure you are going to be able to use that as income as well when it comes to affordability, as I am assuming you haven't been keeping accounts and records.

I don't see it happening.

And you are asking other people to find you houses? Surely you can do that yourself...

kinh

Lokolo wrote: »

Google Adsense income is still income and is taxable so I am not sure why you are saying it isn't?

Not sure you are going to be able to use that as income as well when it comes to affordability, as I am assuming you haven't been keeping accounts and records.

I don't see it happening.

And you are asking other people to find you houses? Surely you can do that yourself...

Taxable? Google takes their splits and that's about it. The rest goes into my bank account. I don't pay any tax for it.

Why can't I use it as income, it's an actual source of income and it's been a steady line of income.

Post like this isn't helpful, if you are going to stay stuff like that, back it up.

I can provide bank statements to show I am getting this. Why can't I get it?

Dave_Ham

Looking for a hat to eat if this is not a wind up.

When you earn income, rightly or wrongly it is a legal requirement to pay tax. I do not believe that based upon it being an internet income that it becomes income tax free.

As therefore the income is not declared, you cannot choose to declare it now and use it for income purposes.

I have no idea how you generate such an income from web traffic, although suggest you give up the Tesco job and do it full time. Become self employed and declare the income and pay tax.

In 1 year + you potentially will be able to achieve a mortgage for a place, with a garage 15 miles from where you live.

As it stands you have absolutely no chance of achieving a mortgage on the parameters provided

ILW

kinh wrote: »

Taxable? Google takes their splits and that's about it. The rest goes into my bank account. I don't pay any tax for it.

Why can't I use it as income, it's an actual source of income and it's been a steady line of income.

Post like this isn't helpful, if you are going to stay stuff like that, back it up.

I can provide bank statements to show I am getting this. Why can't I get it?

Can you explain this.
I would suspect you are in line for a tax bill of 10s of thousands if all the rest is true.
Pay that before thinking of getting a mortgage.

maninthestreet

kinh wrote: »

Taxable? Google takes their splits and that's about it. The rest goes into my bank account. I don't pay any tax for it.

Why can't I use it as income, it's an actual source of income and it's been a steady line of income.

Post like this isn't helpful, if you are going to stay stuff like that, back it up.

I can provide bank statements to show I am getting this. Why can't I get it?

Let me put it bluntly - YOU ARE A TAX EVADER - what makes you think your INCOME earned via Google is not subject to INCOME TAX?? Get your tax affairs in order before you even think about buying a property.

Lokolo

kinh wrote: »

Taxable? Google takes their splits and that's about it. The rest goes into my bank account. I don't pay any tax for it.

Why can't I use it as income, it's an actual source of income and it's been a steady line of income.

Post like this isn't helpful, if you are going to stay stuff like that, back it up.

I can provide bank statements to show I am getting this. Why can't I get it?

Fine I'll back it up.

If I pay my friend £500 a month into his bank account. Do you really think this will be accepted by the bank as credible income for a mortgage application? If you think so, then you are an idiot.

Income you make through any business IS TAXABLE. Doesn't matter if it wasn't taxed before it went into your bank account, it's still taxable income!

Banks don't use your bank account to see the income. They use accounts. If you have a salary then you show them salary slips. If you have a business, you show them the business accounts (NOT BANK ACCOUNTS). You clearly don't have any of these.

ILW

Seems like a wind up.
Joined today and 20 odd posts on just about every topic under the sun.

mr-bob_2

You should be paying tax on the income - and if HMRC were ever to find out then you'll be paying fines on top of that also.

I can't believe it hasn't crossed your mind to check if you need to pay tax or not when recieving that kind of money. Why should you may tax on income from Sainsburys but not Google?

So, forget about the mortgage and sort your tax out first and foremost. Contact an accountant and they'll tell you what you should be doing.

Depending how long this has been going on for, you might be able to have some kind of record of income once everything is sorted, so you'll be able to get a mortgage - or at least be able to in the near future.

Lokolo

ILW wrote: »

Seems like a wind up.
Joined today and 20 odd posts on just about every topic under the sun.

I thought I'd give it a try, but when people start with "Please take me seriously, I am not a troll" it's hard!

notanewuser

kinh wrote: »

Taxable? Google takes their splits and that's about it. The rest goes into my bank account. I don't pay any tax for it.

Why can't I use it as income, it's an actual source of income and it's been a steady line of income.

Post like this isn't helpful, if you are going to stay stuff like that, back it up.

I can provide bank statements to show I am getting this. Why can't I get it?

You should have declared yourself self employed with HMRC. You should be completing self assessments for your website earnings. Expect to have to pay at least 20% to the taxman - some may well fall into the 45% bracket, plus the penalties for not registering and not submitting self assessments.

From a rough calculation you'll owe around £45k to the taxman.