how much can I borrow?

debtpimp

Hi

Long time lurker, first time poster, so go easy on me.

I am currently living with my parents but have just completed my 1st year trading as a kebab shop owner. I my turnover this year was just shy of 100k with a net profit of 70k.

I am looking for a 4 or 5 bedroom property and have seen one for 350k. I have managed to save about 22k so far and have about another 4k in an ISA which I was looking to use for my legal fees.

Does this look feasible?

Many thanks

DP.

poppy10_2

LOL, I never knew there was so much money to be made in kebabs. I earn much less than that and I'm a doctor! I'm in the wrong profession...

lindens

I was just thinking that lol!! Anyway mate, well done on that!
Sorry can't offer any advice though

CheeseOnToast

Christ it must be one hell of a kebab shop! well done mate.

chilli_dog

My mate owns a kebab shop, trust me there is loads of money to be made. I drive an Astra he drives a spanking new M3.

Debt_Free_Chick

debtpimp wrote: »

Hi

Long time lurker, first time poster, so go easy on me.

I am currently living with my parents but have just completed my 1st year trading as a kebab shop owner. I my turnover this year was just shy of 100k with a net profit of 70k.

I am looking for a 4 or 5 bedroom property and have seen one for 350k. I have managed to save about 22k so far and have about another 4k in an ISA which I was looking to use for my legal fees.

Does this look feasible?

Many thanks

DP.

hhmmmmmm I guess you're self-employed? With less than 3 years trading accounts, I think your only option will be a self-certify mortgage (i.e. no proof of income).

That would give you a maximum of 80% LTV ... so for a £350k property, you could get £280,000. So you'll need a deposit of £70k plus all your fees.

What did you do with the £70k you made last year?

debtpimp

Thank you all for your responses - yes the hours can be unsociable and the customers can be difficult some times but nothing gives me more pleasure than letting people eat my spicy meat kebabs and making a good honest living.

so what you are saying is that I can only buy a house uptp 300k? Sorry for being confused but my business is meat not mortgages

Thanks again

Stelios.

debtpimp

sorry not replied earlier. I have just managed to get 10 minutes to myself.

I have PM'd you UKremortgageBroker.

homer_j_3

Your situations seems fairly straight forward.

I would go and look for a fee free whole of market mortgage adviser. Have a read of martins guide and have a look at the using a mortgage broker sticky at the top of the mortgage thread.

I understand that you seem to be quite busy but dont rush into anything. Make sure you fully understand everything as you are getting a pretty large debt for a FTB.

Anyway Good Luck.

raq

If it's anything like the one we go too then great. ( although I am a curry person myself )

sorry i am now getting carried away. lol

tr3mor

debtpimp wrote: »

Nothing gives me more pleasure than letting people eat my spicy meat kebabs

Nothing to add, but :rotfl:

Seems like we're all in the wrong jobs!