Only been self employed for 1 year, can income be included for mortgage quote?

PrincessJR

Hi,

My Husband works for a large company full time and receives a full time salary. 1 year ago he also set up his own 'sole trader' freelance business which he does in his spare time.

In this first year he has earnt an extra £7k from this. As it is a new business will a bank/mortgage provider be able to include this in his 'Income' for calculating how much we can lend?

Thanks

Hopejack

I earn less as self employed (just a hobby really) and I was unable to include it in our recent mortgage application as I didn't have 3 years accounts. I would doubt he'd be able to use it.

Emmamumof2

You can on a self cert mortgage but Im not sure how many of those are around at the moment with lending in its current state - it will also depend on the loan to value - if its a low-ish loan to value they are usually more flexible - if its 90% maybe not - Good luck!

beecher2

Since you're in negative equity, I'm afraid it isn't really relevant what your salary is at the moment, unless you're able to get down to a healthy LTV.