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Self-Employed - Mortgage/ Shared Ownership/ Other options???
jameslpj
Posts: 2
Newbie
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.
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.
0
Comments
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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.
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yeah, I understand that completely. I'm looking to find if anyone has any advice based on my situation.0
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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 🎉1
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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.1
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