Give Up on a House or a Business?

Short-n-Sweet

Hi,

My partner and I are saving for a house - Shared Ownership appealed to us because of the lower deposit and the Mortgage plus Rent is still cheaper than the rent around here. :cool:

So we have enough for the deposit and saving every day, However my partner has a part time Job and his annual salary is around £7200 this is laughable to everyone it seems :rotfl:

We do also run a Business so I am classed as self employed although not on the actual pay roll as it is a Family Business and we basically share the earnings he has as a sole trader - Infact we put all earnings straight into our savings account. We have not had the best accounts due to buying items and starting up (buying a Van and Equipment) so does not look like me make loads of money. Infact when we started up we were advised to spend money into the Business

Now we are house hunting and have to prove we can afford it we are struggling massively. We get laughed at so much so they cannot stop laughing enough to example of give us advice. Instead we get NO this is NOT affordable to you

My main question is now: Do we stop running a Business that has provided us with a nice healthy Deposit and the chance to earn more the harder we push or Do we go and get a 9 - 5 Job at a set wage in order to get a mortgage and still be working 9 - 5 in years to come rather than growing a Business and doing what we Enjoy.

I feel a little stuck between a rock and a hard place. What Salary is acceptable? I ask because the local housing associations have both mentioned it - What kind of wage makes them go YES you can do this... I always thought it we could get a mortgage and had the deposit they would have no problem.

The only other option is we go and rent for nearly £1000 a month which is almost twice the price of the house in question to part buy.. :rotfl:

amnblog

One of my colleagues used to say ' if they want you to play cricket, don't bring a football'.


Either you play the game like everyone else, or you don't.

ACG

How can your business provide you with a nice deposit but no income?
Its either earning money and in turn you a wage or it isnt... or is this a case of your declared figures to the tax man being less than accurate (so to speak)?

Or have I completely missed something?

Short-n-Sweet

Sorry that was not worded very well - On the forms recently filled out it would only let me put in one income so I put the part time Job for my partner where as he also earns from the Business. Because He has not employed me I do not get a wage from him (I cannot remember what this is called but basically its all his money he gives me house wife allowance or whatever, he pays the bills I'm fine with not earning a set wage I do it to help the Business grow) so technically I guess I am classed as unemployed. The Business is only a couple of years old and at first we were advised to put everything threw the book as an expensive, Fuel, Tools, Software, Sat Nav, Work Wear... So it doesn't look to good and I believe they want the last 2 years to look at - Only since properly looking (last May) have we really seen a massive increase in Business giving us the chance to save so much.

I think they do an average with self employed applicants? as its never the same.. So they would see only half a year of constant profit?

amnblog - I absolutely love that saying! I guess its very true.

I Apologies for my OP. I read it back and in order to try and get it all out and quickly not much of it even makes sense.

ACG

There are lenders who will use the latest years figures.
So if your latest year is half decent you could use that alone with some lenders.