Self-Employed and first-time buyer, help

JamesBro

Hello.

I'm 27, live in South West London, and my girlfriend and I are looking to buy our first home together. (In London? Are you mad?? Etc...)

I imagine I'm in a similar position to most first-time buyers who have little insight into the process.

Here are the key points:

I'm self-employed, working in broadcasting, earning between £25k-£30k a year. My girlfriend is employed, earning £22k a year. I have been self-employed for six years or so, and have consistent account during this period, with my yearly income increasing year-by-year and will be set to do so again when I review it in a months' time.

Another complication is that I've recently signed a flexi-contract at my employer, which is only set at two-days-a-week, and for three-month periods, but they are always extended on a three-month basis and I am working five/six days a week instead of my contracted two.

We're both first-time buyers.

We have about £70k-£75k to use as a deposit which we hope will be our saving grace, due to our low (for London) salaries and looking for houses in London (I say "in" London, I mean around the cheaper outskirts of London).

So, with all that in mind, where on earth do I start? How much of a problem am I going to have being self-employed? How far will our deposit go? Is a house value in the reach of £300,000 completely out of our grasp?

I've had a look at this website and was intruiged by the Nationwide deal, with the set-up costs in mind.

Shall I set up a meeting with Nationwide and take it from there, or do I need to look around more? What am I looking for?

Any advice would be most welcome.

Thanks.
James.

amnblog

Don't go direct to Lender.


We have done a number of mortgages for broadcasting freelancers and it is tricky.


£300K purchase, £230K mortgage seems on the limit of what may be achievable.


Work with a mortgage broker that knows what they are doing.

JamesBro

OK, cheers.

So, excuse the ignorance, what will a mortgage broker be able to help me with?

And what is the issue with going direct to a lender? (Maybe those two questions blend into each other?)

Thanks.
James.

JamesBro

And, also, how do I find the best mortgage broker?