Getting a small mortgage on "low" earnings

r4and0mno5

I am self-employed and looking to buy my first property. Due to the sector I work in and the coronavirus, my last year's earnings were very low. The two years prior to this I had a mix of PAYE employment and self-employment income, but I don't have the PAYE job anymore. Before that, my SE income was fairly regular.

I have a large deposit relative to the property I'm looking at so I would only need to borrow around £30k, but my concern is that despite currently paying out around four times what my repayments would be on rent, my income appears too low on paper to be eligible for many mortgages. Can anyone share some insight into any options I may have available?

K_S

@r4and0mno5 Very generally speaking, it will depend on the following -

- Is your business trading at normal levels again?

- And what are the ££ profits showing for the most recent and prior year?

- whether your income levels are high enough to meet affordability (as per lender calcs)