Getting a mortgage with my Italian wife

tillathenun

I'm looking to get a mortgage with my wife, who is Italian (but lived and worked in England about five years ago briefly).

Our combined income is good, although we're both self-employed, but I'm just worried that because she is not a UK resident - at least, she's not paying tax in the UK - then there could be difficulties?

She has an NI number and a previous UK address (from all those years ago) but I imagine a credit check would return nothing at all.

We'll be looking to talk to mortgage advisors in a month so I just want to make sure everything should be okay first. The credit check is what I'm most worried about.

Any help would be most appreciated.

Andy

Thrugelmir

If she's not earning an income from working in the UK. Then no lender will accept her earnings to support a mortgage application.

tillathenun

Thrugelmir - Thanks for your reply.

Well, we actually both work together for my freelance design company (earning money in pounds, working for English clients), do you think that would make it possible?

Chinkle

So she works for you but you don't pay her!

Thrugelmir

If this is the case then she should be receiving a salary. Then she would benefit from the personal tax allowance.

Suggest you speak to your accountant and organise your income and tax affairs in a better way.

tillathenun

Chinkle wrote: »

So she works for you but you don't pay her!

Haha - obviously I pay her! But it's all very informal at the moment and we've not reached the end of our first year yet so I don't have an accountant yet.

tillathenun

Thrugelmir wrote: »

If this is the case then she should be receiving a salary. Then she would benefit from the personal tax allowance.

Suggest you speak to your accountant and organise your income and tax affairs in a better way.

Yes, it does rather look like that's the way to go!

Thanks for your help!

Thrugelmir

tillathenun wrote: »

Haha - obviously I pay her! But it's all very informal at the moment and we've not reached the end of our first year yet so I don't have an accountant yet.

Unfortunately the HMRC doesn't recognise informal. So don't dig yourself a hole.

May be worth an hours advice and decide the best route, i.e. partnership or Limited Company.

You'll need 3 years accounts as a self employed business to obtain a mortgage.

tillathenun

Thrugelmir wrote: »

Unfortunately the HMRC doesn't recognise informal. So don't dig yourself a hole.

May be worth an hours advice and decide the best route, i.e. partnership or Limited Company.

You'll need 3 years accounts as a self employed business to obtain a mortgage.

For about a year I've been self employed - before then I was employed by a limited company I also own, so I have ten years of accounts but none of those (yet) are for when I've been self employed.

It's a complicated situation and very much a transitionary period for me but it's made harder in that my wife has not got any tax records or accounts yet since she's been a uni student and only worked with me in this past year.

All a bit stressful!

dimbo61

Look you are married to a beautiful Italian women and I bet she is a great cook so count yourself lucky and good luck with the mortgage!

Chinkle

If your wife has no official income then she should be left out of the equation for now. You are going to find it tough enough getting a mortgage taking into account your own circumstances - go see a broker for some advice now about whether its feasible or not.