Renting - self employed question

me1234567

Hi

Could anyone give me any advice.

My partner and I are looking to move out to our first place. He is in full time employment earring £17000 per year and I'm self employed. Last year my taxable profit was £8000. Will we have a problem getting accepted for renting?

Thanks in advance
Kirsty

me1234567

Oh sorry forgot to mention he has a credit card he pays every month owing £2800 but pays £100 a month. And I have a credit card owing £2500 paying the same £100 a month. Other than this our credit history is pretty good I think. We have also been give a Moorgate promise of 107000 at Halifax last week. But now deciding weather to rent for a bit longer while we save a by more.

Miss_Samantha

Self-employed, low income and credit card debts... I'm afraid that it doesn't look good.

theartfullodger

Just provide copies of Tax returns for last 3 years, job done! £8k income ain't gonna find much to rent mind

Now you could submit tax return today, forgetting to report expenses, much bigger income!

(Someone quite close did this for a mortgage: horrendous tax bills for two years though....)

missbiggles1

How much is your rent likely to be and do you have enough savings to cover the first month, deposit, reference checks and additional costs?

divadee

Here they ask for 4 X the annual rent in income. So depending on where you are in the country and how much your rent is you may be fine!!

me1234567

8000 was once all my expenses for work was taken out. Being a courier I do only use my car for work use. So I'll have no bills for that to pay each month from the 8000. So all together we will have 25k income between both of us. Rent we were looking at around £600. We have around £6000 saved and are saving around £1000 a month at the moment. Can't see why we would have any problems seems the bank were willing to lend us 107000 at 640 per month. Thanks for your reply a much appreciated

Miss_Samantha

If you are able to save half your combined income, I would suggest that you pay off your credit card debts.