Im 17 and im self employed, Im an ebay seller and affiliate and currently in the process of setting up my own website which will generate money then i hope to open some franchise’s.
I have never made anything bellow 5000 and above 18000 each month so a pretty steady income. Im wanting to move out but as im only 17 I don’t know if i can. Preferably I would rather get a mortgage and buy a house rather than paying off some one elses mortgage whilst renting. However would I be allowed to get a mortgage, I have no one who could get it out for me as my only close family is my nan and grandad and my auntie my nan and grandad are both over the age limit and my auntie is a house wife.
I only want a small flat that would cost about 550 a month to rent of 500 a month mortgage repayments, My nan and grandad could be my guarantor if I was too rent but would the land lord let me rent???
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Can I Take Out A Mortgage At 17 If Im Self Employed Or Will I Have To Rent?
Posted on May 11, 2013.
You must be 18 or older to sign any contract.
That means a landlord will not rent to you.
Landlords want at least 1 person 18 or older in the apartment.
At 17 you cannot sign a legally binding cintract. You will findvyou can neither buy or rent
You cannot have a mortgage until you are at least 18 in the UK. You will need 10 to 20% of the asking price as a deposit. ( have you any spare cash). You will need 3 years audited Accounts to show the Lender. You might have problems with renting due to your age.
UK
Once you are 18 you should be ok
Any lender will usually want two years proof of income,if you’re self employed
So just start saving for the deposit and legal fees,
and you should be on your way to
getting as mortgage
Mortgage approval depends on whole package of you: credit rating, job stability (2 yrs), sufficient income, adequate down payment, low debt load, etc
In the US you would have to be at least 18 to sign a contract/mortgage. But, I think you are amazing, and planning ahead is great.
In the US, self-employed people have to have a history of at least 2 years of income tax returns showing a profit to get a mortgage. Here’s an article:http://realestate.msn.com/self-employed-…
Not sure if it would be different in the UK.