Salaried and self-employed - what chance a mortgage?

Cashwitch

OK, just wondering if anyone would be so kind as to provide some advice/feedback on the chances of us getting a mortgage (!) Here goes:

* Me: salaried, 25K +
* Partner: about to leap into the self-employed bracket (no choice)...
* Sale of current home may bring in approx 40% equity of price range we'd be looking at

Where would we stand? Would we be best off speaking to our current lender (repayment mortgage, payments up-to-date); how much are we likely to get; what type of mortgage would we have to apply for; will anyone consider my partner's salary in the current market or will I have to 'go it alone' application-wise???

Edit: I should have said that our current mortgage is portable in principle - but how realistic is it to think they may add 50/60k to it given our changing circumstances???

Mrs_Bumble

If your partner is only just about to go self employed then his income won't be included in any calculation. He will need at least 2 years accounts to be included within the calculations.

If he is currently employed then he is employed and could be judged on that basis.

If the application is going to be put in when he is actually self employed then afraid you are going it alone.

sheffield_lad

I am self employed and did not have accounts for 2yrs, however I contacted my existing lender who did not bat an eye lid to lending more or providing proof.

Cashwitch

Thanks both - two very different answers there though....
It is very worrying that we may have to proceed on the basis of my salary, which would mean that it wouldn't be worth our while moving home, despite the amount of equity we could bring (the next house would have to be around the same value as our current one on this basis).
However, it does appear that there may be a chance that our existing lender might consider an application.I have to say I feel this is a bit 'in the lap of the Gods' though, as I suspect that they won't look favourably on increasing our mortgage susbtantially if they have only several months proof of earnings for my partner, and therefore no indication - or certainty/probability - of future earnings???Or am I being overly pessimistic? Would anyone be kind enough to give me their thoughts - espcially if you are an adviser, or have been/or are in this position yourself?Thanks.