Proof of income for Freelancer?

master_ian

Happy New Year All!

My sister and I live in London and will be applying for a mortgage in March (when we've achieved our savings of 20K for deposit). I'm newly entered into the world of freelancing, so have no history of self-assessment, etc. However, I've been working on commission for a Spanish company based in Madrid since Sept 2006. If I can produce payslips (in Euros) from this company would this be accepted by English banks?

I realise I need to get an accountant and am looking for one now (any recommendations?) , however how do I go about showing my earnings if they are not made in this country? My sister works here and is on £40K. I'm on 25K, and we'd like a mortgage of £160.

Any advice welcomed!

impy78

My tax return has always been proof enough foe my bank.

Rick62

Do you both have permanent residency rights in the UK?

Your sisters earning alone should support £160k, so the lenders should be happy giving you a joint mortgage with minimal evidence of your earning.

herbiesjp

Indeed your sister's income alone may well be enough to cover the lender income multiples - assuming no other debts etc

If you do need to take your income into account, I would discuss your income stream in more detail with the lender (if you go direct) or with a whole of market adviser. By explaining in detail at the outset it should clarify their position and avoid any unecessary credit checks with lenders that will not take your income into account

HTH

master_ian

Thanks for your replies.

We are both residents, however my sister works as a contractor. She's an Occupational Therapist who does locum contracts so she's never with the same employer for more than 6 months. She's just started a new contract last week. Her income on these are quite consistent though at £35 - £40K and she works constantly (without long holidays). She has pay slips to support this. She has no debts to boot!