What are my mortgage options?

nicholasuk

i am self employed, i just had my last default drop off my file this month, i checked the equifax 2£.

Last year i had about 80K go in my business account, i haven't finalised the accounts yet, want to keep the required tax as low as possible but also need to know what multiples i'd be eligible for and what i can borrow. I'm thinking the profit showed will be around 22k.

I want to try and get a mortgage based on that years account, so only one.

The place i want to buy is 75,000 off someone i know.

Max deposit i could stretch to right now would be 10k

But as i'm buying off someone i know, they said it would be possible to maybe buy it for 82k so 7 more than they need and they'd give me that back so possibly can stretch to more than a ten k deposit if i could borrow more than 75k. The place itself valued at 100k around the time they last tried to sell it.

I am open to any of the available routes, i haven't tried to get finance for this yet, but think its likely my bank natwest would turn me down.

Ideally i'd like a broker with no upfront fee.

I am serious about getting this property if it is possible.

Any ideas?

ACG

You can not buy a property for more than its value. A surveyor will value the property on behalf of the lender. By doing what you are suggesting you risk losing £200-300 on a valuation.

General rule of thumb is you can lend around 4-4.5x your income. It could be less if you have any commitments/kids etc etc.

It all sounds within reach but you should sit down with someone to discuss your specific circumstances.

nicholasuk

i don't mean borrow more than it's worth, i meant if im struggling for the deposit requirement theres some movement.

What sort of Deposit do you think i'll need?

If you don't charge an upfront fee i'd be happy for you to pm me and maybe send you my file and earning estimate.

I just have a few more receipts to add up and then get an accountant to certify it, already have one or two people in mind i presume that's pretty quick to get sorted.

Nick

ACG

We do not charge any upfront fees but we are not looking to take on any business until the beginning of October as we are a little swamped at the minute.

If you are looking to work off one years accounts, the more deposit you have the better options you are going to have. 5% minimum but rates might be a little on the high side (4.5% as a ball park). 10% and there should be a couple of options, 15% and you should have more or less high street rates available to you (2.3% ball park).