Ok, so I am totally fed up with living in woodchip heaven!
I'm coming close to 40 so need to do it soon if ever. I'm DESPERATE to buy and make a nice home. I don't care if it's a do-er upper. I think it would (to some extent!) be fun to do it up and make it lovely.
I'm a completely LP and have access to around £15k for a deposit (some savings, help from relatives).
My annual earnings are around £18k (part time self employed, I do my accounts myself but not through accountant) plus I get tax credits and child tax credits on top bringing my total income to around £21k ish.
Looking at one bank it seemed to suggest I could borrow just shy of £100k for a mortgage.
On top of this I would have my deposit of 15k.
I guess my questions are:
- I don't have chartered accounts but looking at one bank website it says you just need evidence of your HMRC statements for income.
- What additional fees might be applicable, I have no idea about buying whatsoever. e.g. on top of mortgage what roughly might I have to pay out for (estate agent fees? solicitors? survey etc? life insurance?). Would this have to be found on top of any monies I put towards mortgage? (I'm not thinking of decorating costs at this point).
- Is it a bad time to potentially buy ,with Brexit coming up and everything else (I do worry about recession and its impact on me as a freelancer).
If you have any guidance whatsoever for a complete novice and low income person buying on their own I would be so grateful. Thank you!