Self employed for a year and wanting to buy?

ijustwantahouse

Hi everyone,

I am hoping you can perhaps steer me in the right direction as I honestly have no idea where to even begin looking for more information!

My mother and I are both self employed and would love to be able to invest in a property, either as a buy to let or perhaps for us to move into however we are aware of the issues that our employment status' brings.

I have only been registered as self employed since June 2013 and neither of us earn a huge amount (probably about £15k each). I also freelance as my job role sometimes requires me to work PAYE depending on what type of production I am working for. With that in mind, am I still realistically looking at another 2+ years of accounts before we can even start looking?

I was also advised that perhaps it would be better to leave my mother out of the equation altogether due to her age (56) and try to find something based on my earnings alone. Is that correct?

We have about £40,000 for a deposit but no idea where to start!

I have contacted a mortgage advisor but haven't managed to arrange an appointment yet but don't want to waste both of our time if it's totally unrealistic for now!

Thanks so much for taking the time to read this!

Dave_Ham

There may well be options open now, but your relative low earnings may restrict you borrowing what you want/need to


What type of value would you want to look at?

ijustwantahouse

Unfortunately due to the area that we live, in probably around £200k for something decent.

£250k would certainly give us more choice but I'm trying to be realistic with my expectations.

It has to be within a certain radius of where we are now due to it being an emergency option should we need it as my mother works from home and her clients wouldn't travel too far.

Thanks for taking the time to reply.

Dave_Ham

Unfortunately it is not the one year accounts, rather the actual figure put through that is going to be the bigger barrier.


Putting Mum on would give a larger value mortgage, but much more expensive as the term would be limited.


Another year (with a higher figure) may provide an option or with Mum you may be able to get close to your lower amount needed, but will be expensive as suggested through term.


Good luck