Impossible to get a mortgage as a single man?

Jsutherland7

Hi I hope you are all well,
Ive just come for some advice really.

im trying to get my own home. Private renting seems to expensive. 

I have two kids but separated with partner. (Her choice) 

and I’m living with my grandparents at 34 years old.

i really want my own place. I have 33k saved for a deposit. Taken 6 years to save.
i am self employed (CIS) 
I have 8 years of income proof. 

For the last 4 years my gross is £50k
no debt
good credit

ive been exploring shared ownership, I know the deals not great! But as a single applicant it seems to only way. 

I’ve spoken to
A broker and my lending potential is around the 240k mark. ( deposit amount included) 

but I can’t seem to find anything. 

I just wondered if anyone knew which route I could or should take to get my own place for my kids. 

Are there any other schemes,
I would like to stay in London as I was born here and my kids are happy in there school. 

Any advice on what route to take for short term success in securing a home in south London would be amazing

thank You 

jackieblack

Of course it’s possible to get a mortgage- your broker has established that, but if you can’t afford the kind of property you want you’ll need a bigger deposit (with a £50k income and living with grandparents that should be fairly easy fairly quickly if it’s made a priority) or look at a cheaper area - how feasible is that? eg how much do you have your children during the week/when they are at school? Do they live mainly with you or their mother during the week?
Bottom line is, if all of your preferences are not within your affordability, one or more needs adjusting

BridgetTheCat

You have to manage your own expectations. Ideally I’d have wanted a bungalow with decent living space but a 2-bed semi was what I could afford so that’s what I bought.

ACG

You cant get a mortgage, but you are in the position where you cant get what you want. 
I was in a similar situation (albeit without the kids) back in 2012. I ended up buying a house about 3-4 miles away because it was cheaper, I also had to buy a doer upper because it was cheaper still and was literally all I could afford. 

I did it up over a 3-4 years (easier without kids) and then sold up in 2017 and had made a reasonable amount in that time to the point where I could afford to buy closer to where I wanted. 

There will need to be a sacrifice by the sounds of it - thats usually either the property or the area (or as I found, both). 

But with kids I know there is a lot more to factor in. I doubt I could have done what I did with kids. 

Isthisforreal99

You say £50k gross but what's your taxable profit? Happen to know a few CIS sub-contractors who think everything is a claimable expense - which goes against you when trying to borrow.

Andyjflet

Hi mate, had to do the same after a divorce, at 56 I bought my own place, £60k deposit, 17 year mortgage, bought a new two bedroom flat in a nice complex. under £1k a month mortgage, keep saving, perhaps get into something ASAP, a flat or somewhere you can call your own. 
Prior to this I did shared ownership, as a sales person on mainly commission its the only way I could get a foot on the bottom rung, had a large, new three bed semi with double drive, en-suite, big garden etc. Sold that last year and made £80k profit. even on my 40% share. 

kingstreet

Isthisforreal99 said:

You say £50k gross but what's your taxable profit? Happen to know a few CIS sub-contractors who think everything is a claimable expense - which goes against you when trying to borrow.

There are lenders who treat CIS Sub-Contractors like employees and use latest three months remittances and bank statements to evidence income; not self-employed net profit via Tax Calcs & TYOs.