How do i get a mortgage?

[HunnyCaramel]

I'm 32. Self employed since the year dot and do my own accounts. I can maybe get an accountant now tho if it helps. I've always rented but looking to buy a very small, cheap house to retire to one day, maybe rent out in meantime. If situation massively improves it could be sold and put towards something more impressive?

In a year's time I can have a £5k deposit ready realistically. Earnings overall are really variable though.

I'd be a first time buyer, how do i go about this? What will banks want from me etc etc? Any advice in general?

Get a financial advisor through recommendation. I got one. He was brilliant and didn't charge much

I dont know anyone who has one the banks would be biased, right?

Google some local financial advisors and see a couple to ah e an open, no obligations chat with. Your deposit seems very low no matter where you live I'm sure you'll need more

The FSA (I think it's finance services authority or something) do not allow biased advice.
However I got an independent one

The properties i'm looking at are 40k...

You need as many years of SA302 as you can get, to prove your earnings. The tax office should provide those if you ask. Plus you need to prove your out-goings for the same period - bank statements, & proof of any savings.

Make sure there's no on-line gambling for at least two years and then try one of the companies that do mortgages for the self-employed - maybe Kensington or someone like that.

Def no online gambling ever! Didnt realise there were self employed mortgage companies - cheers!

Op even Ruth a purchase oryxes taffeta low (£40k really?) you will likely need more deposit, especially given self employed

Sorry typos messed up key board

Are there any nice areas in the UK with small properties for £50k ish? Somewhere to retire to. I hadn't realised you could still get a property for £40k. Being in London puts you out of touch with prices.

Yes 40k - northwest, buttloads of cheap property. This is literally just a place for me to go when im old if life doesnt work out

Looks like it'll have to be cash tbh, bit of a bugger but if i apply myself i think its doable under 10yrs, less if lucky!

Diana - im not claiming these are desirable places, but i grew up there so its home really. Something else may crop up but with no pension, i think buying a place to go and avoid rent is sensible now.

It’s definitely possible , give London and Country a ring.

You mentioned possibly renting out the property. If you intended to do this without living in the property, the mortgage would need to be a Buy to Let. You would need 25% deposit and there are minimum property values on which they will lend. If you go for a residential mortgage and later decide to rent it out permission needs to be sought from lender. Just bear this in mind for the future.

Mainstream lenders such as Barclays and Nationwide all deal with Self Employed. You can go online and use their affordability calculators to give you an indication of what they might lend.

Get in touch with a IFA who deals with mortgages or an Independent Mortgage Adviser. You shouldn't need to pay for an initial consultation. Mortgage advisers and IFA's get paid by the lender unless there is an adviser charge due to complexity of loan.

I will bear that in mind thank you!

There's a good mortgages forum on money savingexpert.com where you can post questions

Also look into getting a Help to Buy ISA - government adds an extra 25% of what you save for the deposit, although not sure it works if you're planning to rent out the property www.gov.uk/affordable-home-ownership-schemes/help-to-buy-isa

It's only a very vague plan to rent, it may not be worth it, or possible a low rent to a relative as more of a houseshare type thing?