FIRST TIME BUYER / MORTGAGE NOOB WOES - advice gratefully received

Frost

Hello!

I am looking to buy my first property after renting for many years but am a bit lost regarding mortgage options.

Timewise, I would be looking to buy when my current rental contract ends in just under 1 year, though in theory I could do this in six months instead. I would be looking for a (minimum) two bedroom flat.

At the moment I have approx 30k in savings. I'm self-employed and running my own business (as well as doing freelance work) and my average annual income is probably about 28k (35k the last year but less in previous years) so my bank has told me they would only lend me about 130k (ie. 5 times my annual average income).

I am looking at the Help To Buy schemes as these offer the 5% deposit but could do with some advice as to the best options, (whether this be using one of the Help to Buy or avoiding it)

All help gratefully received!

ViolaLass

When you read about Help to Buy, did you note that it wouldn't help you? One scheme on't increase the amount you can borrow, the other one will lend you 20%, which doesn't get you to the numbers you want.

alchemist.1

Not sure what advice anyone can give you apart from:

Either lower your expectations

or

Increase your income/find a partner to buy the home with.

There isn't a magic solution.

Frost

Aye, buying with a partner may be one solution of course.