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  • FIRST POST
    • rewindrooms
    • By rewindrooms 10th Jul 17, 12:13 PM
    • 1Posts
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    rewindrooms
    Self employed advice
    • #1
    • 10th Jul 17, 12:13 PM
    Self employed advice 10th Jul 17 at 12:13 PM
    Hello,

    I'm after some advice! I'm self employed and looking to move home this year but a little (very) confused about my options.

    My wife and I moved into our home five years ago and took out a five-year mortgage that will end later this year. Since then I have become self employed. I have filled in self assessment for the last four years, but only worked full-time self employed for the last year, so I have three years of earning just a few thousand through self employment (in addition to my previous full-time job) and then around £28k last year after going full-time self employed. I'm on course to earn around the same again this year. But, am I right i thinking that getting a mortgage based on this will be tricky? My wife earns around £24k, we will have around £60k deposit (including original deposit, increased value in our current home and savings) for a new property worth around £220,000.

    Basically, I'm just unsure whether we have absolutely any chance of doing this, or whether I would need at least one more year of full self-employment earnings before we can consider it?

    Any help would be greatly appreciated. Thank you!
    Last edited by rewindrooms; 10-07-2017 at 12:25 PM.
Page 1
    • ACG
    • By ACG 10th Jul 17, 12:31 PM
    • 15,537 Posts
    • 7,881 Thanks
    ACG
    • #2
    • 10th Jul 17, 12:31 PM
    • #2
    • 10th Jul 17, 12:31 PM
    Because of the size of your deposit, there are maybe 2-3 high street lenders who will consider you with the latest years figures only. There are also a few non high street lenders who would use latest years only - so to answer your question, you should be fine but we could be talking normal rates or a little above so your payments could vary.

    Most will average out, which might put you a little on the shy side.

    Grab a broker and I think you will be fine.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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