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Deeds and deposit worry

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    PJV2098 wrote: »
    My partner is self-employed, to provide more detail. The business is in third year of being and its turnover and hence her income is next to zero.

    Is the business losing money?

    (No disgrace I should add).
  • PJV2098
    PJV2098 Posts: 12 Forumite
    That's all very good to know.

    The business made loss in its first two years and minor pofit in most recent. However I understand lenders use an average of last two financial years which, yes, comes out as a loss.

    It seems best to enter them as non-working then, rather than zero-making self-employed?
  • kingstreet
    kingstreet Posts: 39,415 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Whatever gets you the highest output on the affordability calculator. If you are set on using Nationwide, you have to follow its rules.

    As you say, that's a two year average if that is lower than the last year's net profit.
    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.
  • marlasinger
    marlasinger Posts: 478 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    My partner wasn't working when we got our mortgage, and we didn't have any issues. We managed to borrow 3.75 x my income, and that wasn't even the maximum we were allowed.

    We're with Woolwich, so I would suggest trying another lender who is a bit more flexible.
    marlasinger

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