We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage if self employed?
claudialou
Posts: 8 Forumite
Hi,
I have recently quit my job in the media and plan to start my own local magazine, a dream I've had for a long time. I also have caring responsibilities and have applied for carers benefits (a whopping £50 a week!). My partner has just started a job on £16k basic, £27K with bonuses (apparently £25K is the average). We both have good credit scores and we own our own small home outright (prob worth £130K). We're in our 30s and 40s.
We desperately need more space (plan to start family and have my nan living with me now) and we need a bigger house ASAP. My boyfriend will be in a good position for a mortgage in 6 mths time (hopefully if everything works out with his bonuses) when his probation ends. I know being self-employed is a nightmare for getting a mortgage and you need to show 2-3 yrs of accounts. Clearly, I won't be able to in 6 mths time.
Does anyone know if a) my boyf would get a mortgage on his own and b) would it help my credentials somewhat if I took a part-time, permanent job (I can earn £100 a week and still claim carers benefit) while I got my venture up and running? Of course our £130K deposit will be great, but how much will me being self-employed hurt us?
I'm stuck on whether I should apply for a regular full time job and get outside caring help or live my dream and start my own venture. No idea where I can get this advice officially, without making a formal application?
Any ideas that would be great. Cheers.
I have recently quit my job in the media and plan to start my own local magazine, a dream I've had for a long time. I also have caring responsibilities and have applied for carers benefits (a whopping £50 a week!). My partner has just started a job on £16k basic, £27K with bonuses (apparently £25K is the average). We both have good credit scores and we own our own small home outright (prob worth £130K). We're in our 30s and 40s.
We desperately need more space (plan to start family and have my nan living with me now) and we need a bigger house ASAP. My boyfriend will be in a good position for a mortgage in 6 mths time (hopefully if everything works out with his bonuses) when his probation ends. I know being self-employed is a nightmare for getting a mortgage and you need to show 2-3 yrs of accounts. Clearly, I won't be able to in 6 mths time.
Does anyone know if a) my boyf would get a mortgage on his own and b) would it help my credentials somewhat if I took a part-time, permanent job (I can earn £100 a week and still claim carers benefit) while I got my venture up and running? Of course our £130K deposit will be great, but how much will me being self-employed hurt us?
I'm stuck on whether I should apply for a regular full time job and get outside caring help or live my dream and start my own venture. No idea where I can get this advice officially, without making a formal application?
Any ideas that would be great. Cheers.
0
Comments
-
how much will me being self-employed hurt us?
Your income won't be taken into account in establishing how much you can borrow. Nor will your partner's variable earnings over his basic, until such times as he's earned it for long enough for a lender to trust it's as good as a guaranteed part of his regular income.
If you get a second job, this income will be taken into account and there are some lenders who will take into account state benefits, as long as you can evidence their permanence.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
claudialou wrote: »Any ideas that would be great. Cheers.
New business, new career, starting a family, a new mortgage............
Choose your priority objective.....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards