2 self employed application

michaelkav36

Hi all just after some advice please. myself and wife are looking to sell our apartment. hopefully once this has gone we should be left with around 50k. we are looking to get a mortgage but we are both self employed, my wife owns a business so hopefully should be ok. i have done self assessment and have submitted my first tax return for 6 months. i have since just submitted a full years return. does anyone know who will give us a mortgage or if they will? thanks

Wh05apk

How long has your wife been self employed, what were her net profit figures for the last 2 years, and how much do you need.

The mortgage should be in joint names, however no lenders will use your income until you have at least 1 years accounts.

ACG

He has 1 years self assessments.
I only know of 1 lender that would take your income and thats presuming you have a 25% deposit.

We would still need to know:
Your wifes income for the last 2 years.
Your income.
How much your purchasing for
and how much your looking to borrow.

michaelkav36

thanks for the speedy response. this is the bit i get confused over. my wife pays around 1400 a month into our account. in my tax return i put down just under 20k but then had fuel etc to deduct leaving around 15k is this what is used for calc? we are looking to borrow around 100k on a 150k house, and she has been self employed of last 7 years but changed from limited comp to sole trader just over 2 years ago. thanks

ACG

Changing from ltd to sole is fine its still 7 years.

It doesnt matter what she pays into her account it matters what she puts down as her income and pays tax on.

For you that would be £15k, so we just need to know for your wife now.

michaelkav36

ok thats fine, i have an account from 09 which says net profit 9k so if we say for arguments sake that amount? regards

ACG

So your wife is on £9k a year and your on £15k a year and you have a 33% deposit? (Give or take?)

If thats the case i would say you are pushing it a little but it should be possible. You might need to speak to a mortgage advisor though.