Shared ownership Mortgage as self employed

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So my other half and I are looking to buy a house.
We are looking into shared ownership a 2 bedroom house, hoping to be able to staircase to 100% when I finish uni. I'm still in uni studying pharmacy and he's just finished his teaching degree (currently still on "trainee teacher" salary until all paperwork is processed. Property then becomes freehold once 100% so the plan is to deal with it then - rent it or sell or whatever.

However,
He's just finished his degree so his salary atm is about £18k

I started uni in 20 15 so Until August 2016 I was working full time, but in August 2016 I became self employed and my full time job became part time - Saturday only. During summer I work as self employed.
My income so far for the last 2 years Is a follows:
16/17: £13.5k from employment and £3.6k from !!!537;ef employment
17/18: £5.4k from employment and £16.6k from self employment.

I know it's not great income and I should wait until I can work full time but we've passed the affordability checks and decided to speak to a mortgage advisor who said the way it works is they average my self-employed income to ~10.5k each and my part time employment is taken from final year as £5.4k, obviously reducing our borrowing power quite a lot.
We are currently both paying our parents rent so once we move out the costs won't change, because our commutes will become much cheaper.
The share we are looking at is £124k.
The financial advisor advised us to pay off debt and only put £7k deposit, which we did.(We have about 10k savings for deposit, and fees are separate)

Do you reckon it's worth going through L&C ask them advice or just save more deposit/wait until I get another year's taxes and then only average last 2 years?

Kind regards,

Comments

  • haras_nosirrah
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    I specialise in shared ownership mortgages and have been on the panel for a london housing association for 10 years.

    There are some lenders who will go off your latest year self employment income although it does limit your lenders (the vast majority are 2 yr average)
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mihaicraciunph
    Options
    Thanks for your reply.
    Are you able to say which lenders consider mortgages with only 1 years self assessment?
    Our financial advisor wasn't able to say anything about that - wonder if I should ask him?
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