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!
Self employed - mortgage question.
fayp
Posts: 18 Forumite
Hi
Both myself and my husband are newly self employed and are saving for a deposit to purchase a property in the next 3-4 years.
We will probably have a deposit of £50k and would be looking at properties for about £250k.
Does anyone know much gross income will we both have to earn per year to even be considered?
Any advice is gretaly appreciated!
Thanks
Both myself and my husband are newly self employed and are saving for a deposit to purchase a property in the next 3-4 years.
We will probably have a deposit of £50k and would be looking at properties for about £250k.
Does anyone know much gross income will we both have to earn per year to even be considered?
Any advice is gretaly appreciated!
Thanks
0
Comments
-
OH and I are both self-employed.
We needed 3 years' full accounts, showing what our taxable income was....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
You'll need a net profit of at least £40k between you each year, after any personal credit commitments have been deducted and allowance for any dependents or childcare costs is made.
I suggest you pick a lender's online affordability calculator and have a play around with trial and error of different income figures.
You'll more than likely need two years' certified accounts or SA302s from HMRC to evidence the 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.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
- 454.5K 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