The Buying/Renting Dilemma

somewayanyway

I'm a long time reader of the forums, first time poster! I would be very grateful for any advice anyone may have on the following. I realise it's quite a specific situation and there are several points I imagine I may have naively overlooked. That being said, I did work in financial services for a number of years so am familiar with many of a lender's requirements etc.

The situation is that I am a freelancer doing a creative role. As with many creative jobs, my income oscillates a fair amount, although I've managed to bring the minimum to around £500 a month (it's not much, I know) by taking on various freelance teaching roles, regular freelancing work etc, which I regularly exceed through the more unpredictable assignments. This is very likely to rise in the next year with more teaching work, bookings, residual income etc.

I'm currently pretty desperate to move out and have two friends who will be moving with me. The plan was to rent, which would probably suit my situation better at a glance.

But..

A relative has very kindly given me a decent amount of money. Combined with my savings from previous full-time work with low outgoing costs etc, this puts me in possession of around £30k.

With rent in the area averaging out at £450 per person for a cheap 3 bedroom house, I have found several options where paying a mortgage, even on a deposit of only £20k (and receiving rent from housemates) would appear to be cheaper.

The issue, I imagine, will be convincing a bank to lend to me when my income is not only low, but highly variable. Even though in the event my income drops I could pay some excess costs out of my savings (with a fair amount hypothetically left once the deposit's paid), I imagine this would not sit comfortably with most lenders!

Has anyone heard of a situation where a person has managed to secure a mortgage on a low income, with their monthly payments being supplemented by the rent they are receiving? I am aware that a rental property is legally a different entity so presume that lenders can't take prospective rental income into account...

Another option I did consider was to try and persuade my poor old dad to be the named owner of the house and applicant for the mortgage (as he has a much more reliable and larger income) with me obviously still shoring up the deposit and paying the monthly payments.

I'd appreciate any help at all with the situation. I would be happy to rent and may well end up doing so- it's probably less hassle in the short term- but I do wonder whether that would be a waste of the opportunity to 'get onto the housing ladder' and start investing etc.

Many thanks in advance.