Mortgage advise for a first time buyer

meirou

Hello everyone,

I'm hoping I can gather some advice from this forum in regards to my first mortgage application. I've Googled to see if I could get some answers, but nothing came up which really matched my dilemma.

I'm currently living with parents and I'm looking to take out a mortgage. I have been in my current employment for two years as a Graphic Designer, and earn £19,500 annually and have a fair to good credit rating. I am debt free, my only real expenditure each month is on my PCP car and phone contract. Based on quick calculators online, I will be entitled to a small(ish) amount under what I would need for a decent house in my area (all of the help to buy houses are in really rough areas, so that's a bit of a no-go). I could potentially borrow up to £88,000, when ideally I would need about £115,000.

Now here's where I could do with some advise. Since October 2016, I have been running an online shop selling prints - for the last 2-3 months I have been earning upwards of £3000 a month through this secondary job. I will be looking to buy a house in 8 months time or less, so I'm concerned that this will have little to no effect on my mortgage application because I've only been earning this income for a short amount of time. I am unsure if I'll be able to save any more than a £15000 deposit.

I'm hoping somebody could give me some tips on how to boost my application, and if there's anything I should know in regards to my circumstances.

Thanks so much.

ACG

If you buy after April, you will have 1 years SA302s. So you can use that income in addition to your main income with some lenders.

One for a broker if you plan on going down that route I think but there is potential there.