question about income for mortgages

LilacPixie

This is a little early but I am just trying to plan ahead. We want to move to a new home but not until after March 2010 to avoid ERP on my current mortgage.

Rough figures are as follows.
House price around 130k deposit 30k.

Income

Me 28k PAYE
DH 18K PAYE only been working for company a year.
Me SE profits of another 8k approx. Only have 2 years certified accounts and won't have a 3rd by March 2010.

My question is do I have to declare all income streams on my mortgage application?? Mortgage is affordable with out PAYE incomes alone. Debt o/s is a about 2k student loan Or do we have to declare every possible bit of income. If we have to declare all income to mortgage provider then would not having 3+ years accounts count against us?

_Andy_

You could just use the PAYE.

Mrs_Bumble

As Andy says you could just use the PAYE but as you have 2 years accounts then no reason why they can't be included to help support the application as well, it's not like the application is relying on them but it all helps?

herbiesjp

Well done for planning ahead

But you will have no problems based on your PAYE income - assuming no bad credit history.

Children might reduce the mortgage potential you have, but you have plenty room to spare with the PAYE income.

LilacPixie

credit history is decent/good. Never missed a mortgage payment. ccard paid in full each month. We do have two little sproglettes. I have no wish to max myself out. We can get a home that has all we need for 130k so I can't see a reason to spend any more than we need too and then struggle for the first few years.

It is good to know that we could use PAYE alone and even the s/E income with what account I have. I always thought it was 3+ years accounts.