I am trying to get a First Home Loan, and finding it near impossible. My Partner and I run a Small Business, turn over is @ 380k Per year. Both of us come from poor families and our parents have nothing but bank card depts! , So not sure how to get a guarantor.
We have worked our b..ts of to build a quite successfull business, and keep a fairly good cash float in our busuness acc. As far as personal savings go, we have very little, because any spare money we get goes to expanding the business..a new machine.. adverrtising ...etc etc ,we do this because we dont want to give to much of our hard earned dollars to the tax man. To get the 80 000 odd grand sitting in the bank for a deposit just seems like throwing money down the drain, since in reality to get it there you have to save 110 K + before tax, which I would much rather have invested in something making me money that is tax deductable.
Bottom Line is, this dosn't make the "Figures" i.e. 'net 'profit look fantastic for lenders.
Just wondering if anyone knows any financial organisations that will take common sense into the equation?
Thanks for any help anyone!