We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Self-Employed - Mortgage/ Shared Ownership/ Other options???

I recently returned to the UK (January 2020) after living and working abroad for many years. I registered as self-employed in February 2020 and have since been working as an online teacher, trainer, and writer with two foreign companies that have been paying me each month. The banks have told me I need three years' worth of statements, independent brokers one year's worth of statements. I've tried the local council shared ownership scheme and they are considering my application but are basically saying that because I'm self-employed there is a likelihood I will be rejected.
I am fortunate enough that I am able to live with my parents at the moment. I have 50,000GBP in savings and have been generating between 2,000GBP and 3,000GBP each month as self-employed. I also have a five-year-old son here with me and my wife is stuck abroad and unable to get a visa here due to the short time I have been self-employed. Does anyone know of any options that might be available to me, council schemes, or others?
I'm incredibly frustrated and I can only see two options available to me. (1) Rent until such a time that I am eligible. (2) Get a job for three months, apply for a mortgage or shared ownership, and then quit the job later and continue with my self-employment.

I would really appreciate any advice that anyone has, thank you. 

Comments

  • AdrianC
    AdrianC Posts: 42,189
    Eighth Anniversary 10,000 Posts Name Dropper
    Forumite
    Look at it from the lender's point of view.

    You have no demonstrable track record of earnings. You have no job security. Your business doesn't even require you to be present in this country.
  • yeah, I understand that completely. I'm looking to find if anyone has any advice based on my situation.
  • Drawingaline
    Drawingaline Posts: 2,988
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    I am self employed and our broker wanted two years of tax returns in order to apply. And I am not the main earner in our house. I would look at renting while building up your business.
    Debt free Feb 2021 🎉
  • Petriix
    Petriix Posts: 2,305
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    Forumite
    Rent and save while building up a history. Alternatively find a run down property in a run down place which you can buy with cash outright. If all your work is remote then location can be flexible.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.8K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.1K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.