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Self Employed and living at home

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  • Self Employed and living at home

    Hi guys, im a self employed bricklayer, used to be a general builder and before that worked for a property developing and maintenance company, i currently work on a housing site with lots of work backlogged and a good promise of continuity (or as good as you can get in this day and age!!) i started self employed in june 2011, but wont show a real major income because I was off for 2 months with a broken foot. this april will show a more realistic and better income. im 25yrs old.

    My problem however is that i still live at home, but want to buy a place of my own to renovate and either rent out (if its cheap enough) or live in/sell on.

    Is ther anyone who has experience of a similar situation, or has any advice regarding mortgages because as im sure you all know its not easy to get a mortgage in todays market when self employed.

    I would be wanting to buy somewhere for around 25/30K spend 5k-ish on it. Am i living in a dream world, or is this possible? if so what would you say is the best route to go down given my position?

    i should have around a £5000 deposit by may/june time when ideally i will be buying

    all help genuinly appreciated,

    regards
    Scott.

  • #2
    Re: Self Employed and living at home

    Hi Scott,

    I'd need to know what kind of income you're making, but if it stacks up there isn't an issue; by stack up I'm referring to provable income and no credit score issues.

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    • #3
      Re: Self Employed and living at home

      You are looking to buy a home for £25,000 to £30,000 you are living in dream world!
      -and why would anyone wnat to buy a property, rent it out and still live with Mum and Dad?
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