The downside is that he will not be able to access the pension until he is 50.He should pay careful attention to the funds in which he pension invests. If he was, Northern Rock offers a 100 per cent mortgage at a rate of 4.99 per cent, a discount of 0.91 per cent for the first three years. There are no redemption penalties and if the flat increased in value he could remortgage for a better rate.Mr Yearsley says Mr Mod? only option is a self-certification mortgage which does not require proof of income. Most self-certs will lend only up to 85 per cent loan to value, so on a £150,000 flat, Mr Mod?ould need to borrow £127,500, 12 times his present earnings.

A 4.5 per cent rate would mean an interest-only mortgage would cost £478 a month. Northern Rock is among the bigger lenders in the self-cert market.Mr Modray says Mr Mod?hould defer buying a property until his career is more established and he can be sure of a stable income. If he is determined to buy, he should at least consider a property where he can rent out one or more bedrooms to generate rent.PENSIONMr Modray says if Mr Mod?ontinues to be self-employed, the simplest and most flexible option would be a stakeholder pension. The deposit of 5 per cent for a £150,000 mortgage would be £7,500 plus expenses of £2,880 (£1,500 in stamp duty, £500 in legal fees, £385 for a survey and £495 for an arrangement).Mr Mod?ould also need to be earning £39,500. Investing now and after 6 April will allow him a total investment of £6,000. His remaining savings could be deposited in the Intelligent Finance instant-access account which pays 4.25 per cent.MORTGAGE Mr Higgins says Mr Mod?hould save a deposit of 5 per cent of any mortgage or apply for a 100 per cent one. This account pays 2.10 per cent gross a year on his £9,000 balance.

A better option for a straightforward no-notice savings account would be ING Direct, who pay 4.41 per cent gross a year. Alternatively, Mr Mod?ould use his mini cash Isa allowance of £3,000 each tax year to enjoy tax-free savings. Safeway’s are offering 4.35 per cent from 1 March.Mr Higgins says Intelligent Finance is paying the top rate of interest for a CAT standard Isa of 4.6 per cent a year and withdrawals can be made without notice. In December last year, Mr Mod?34, set up as a full-time freelance photographer. “I’m earning £800 a month, but this should increase,” he says. “I have six to eight months to see if this is feasible.”Mr Mod?lso plans to do freelance website design and IT consultancy. Untitled Web Page Matteo Mode arrived in London from Mantua in Italy nearly five years ago and took a master’s degree in environmental change at University College.
He became an IT consultant for the International Union for the Conservation of Nature but since 1993 he had done photographic assignments for Italian publications.