I left college in 2001 and became self employed, in the first couple of years my earning were really low, approx 6-7k year. In the third year however things picked up and I earnt approx 40k before tax. Before the financial year 04/05 I converted a Limited company and have just ended the year with a 270k profit, tax yet to be duducted. This money is still in the business account, (I am the sole director of the busines btw). I expect the next financial years profit to be roughly the same as the previous all being well.
Personally, I have approx 48k of saving in the building society, all tax paid on. I'd like to buy a house, but alot of the advise I've read suggests I need to supply at least 3 years of audited accounts, which worries me a little as the first two years I was self emploted were very low earning. I'm only 24, given the information above, do you think I will have any problems trying to get a mortgage for say 200/250k? Officially my salary is
395/month, but obviously I get paid dividends monthly aswell(2.5k) & have access to all my companies moneys in the account, subject to tax ofcourse.