Am I wasting my time?

Fishernab

Hey guys and girls

I am really here to ask for advice, I'm a first time buyer, the major issue is that I am self employed and as far as people are informing me I'm screwed. I am tempted to just walk into the bank and see what they will offer me however I thought I would ask you friendly bunch to see if I am asking the impossible.

Details
Age - 24
Deposit - £10k
Employment - 2 years self employed
Salary - £25k+
Credit card -£1.6k paid off monthly ontime
House price £110k
Mortgage required - £100k


Do you think a bank will offer me anything on them details or am I struggling without a larger deposit?

Kind regards

Chris

ACG

The difficulty here is the deposit/2 years accounts - if it were a better deposit or more accounts then it wouldnt be a problem.

That being said, i would'nt rule it out getting a mortgage.

I would be confident you can get a Mortgage, possibly even from one or 2 high street lenders.

Before you do any credit searches, you need to check what the lenders criteria is on accounts. If you dont want to do the leg work then you can consult a broker to do it for you.

Is the £25k the same for both years? If its increased then you may struggle as generally speaking your income will get averaged out which will mean you probably wont get enough.

Fishernab

No £25000, is the lowest I earnt over the two years. The first year was £34000. I might just walk In and see if I'm rejected if that's the case.

Thanks for the help.

ACG

£34k first year and £25k second year?
Why was there a drop?

That will set alarm bells ringing.

Fishernab

I went travelling around America for 12 weeks.

Simon_gloster

More than say 20-25% drop in declared tax to HMRC will likely cause an underwriter to scrutinise your finalised accounts.

With 2 years provable income in a downward slope, what's to say April 2014 won't show a £16k net profit as were inky in May?