Do have any chance of a mortgage?

[R1 Indy]

Am looking to take the plunge and move out of from my parents and get a property/flat in Bristol.

Now i would much prefer to get a mortgage and purchase rather than rent, as renting is just pissing money into the wind

My problem is I'm self employed under a Ltd company.

For most of last year i didn't draw a salary. But drew out a lump sum at the end of the year from a directors loan i put in.

This year I've been paying myself £1K/Month. However i could easily increase this to around £1.5K/month easy enough, but would pay more tax!

There is not masses of profit in the company at the moment, will likely be less than 10K profit this year. However moving to bristol will boost this significantly as my overheads/traveling costs will go down, and amount of work taken on will go up.

I have around £6K on 0% credit cards, could pay this off but reduces my capital.

Im Single, no kids etc.

Have around £20K cash in the bank, so can make a decent deposit.

Property value will be looking at £100K-£120K.

I feel i could easily afford the payments as i don't smoke, rarely go out, my biggest expenditure tends to be my cash hungry S2000!


Would i be right in thinking i have no chance of a mortgage at this present time?

Cheers

[R1 Indy]

Thanks Guys, Very Helpful, looks like i will have to rent for a year or two when hopefully my finances will be in a bit more order.

As for Bristol Prices, something like this would do me just fine http://www.rightmove.co.uk/property-for-sale/prope...