Deeds and deposit worry

Thrugelmir

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

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

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.

marlasinger

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.