Mortgage advice other half self employed

mes01

Hi all,
Just a wee bit of advice please, re mortgages

We are looking at moving house in the not to distant future
My earnings from 2 jobs at last p60 was 35400 my main job salary is 29200, I also worked for another company and earnings were 6200. However since April I now work on a self employed basis on my 2nd job, currently have earned approx 7k (which will be tax year 13/14)

My partner has been self employed for 7 years and up until tax year 11/12 had always made a profit of 17k (sa302 to prove) tax year 11/12 however he made zero profit. Tax year 12/13 his earnings will be 18k. His accountant has just sent this off to hmrc. He has guaranteed work for the forceable future, accountant wil supply a profit projection if needed. I'm guessing this May have an effect on our ability to get a mortgage.
Our debts are car finance 270/month and we have 3k on credit card between us. No defaults,ccjs, late payments etc

Will there be any options out there for a joint mortgage? We will have a 20k deposit? And if there are solutions approx how much would we be able to borrow?
Thanks in advance

ACG

Why the drop from £17k to £0?
How much were you hoping to borrow?

mes01

Hi thanks for the quick reply, I should have added that oh is in a partnership and the figures I gave were his share of the profits for previous years. The partnership made a very small loss due to a company going bust and not paying them, and increased expenses that year. His partner took the small loss on advice from the accountant. Which put oh's profit at zero, his business partner then carries the loss to another trading year against his share of the profits. Figures for the company tax year 12/13 are oh's profit share 18200' his partners profit is 26768 these are the figures his accountant has just told him.

We are not really sure how much we want to borrow it's more "is it going to be possible in the first instance and if it is how much are we likely to be able to borrow? If it's not possible we can wait another year and save more toward the deposit.

Also not sure if it matters but we have 1dependant

ACG

On your income alone i would say around £120k should be possible.

If you want to include your partners income maybe closer to £180k - however you would need a 15% deposit.

Just ball park figures and without knowing more its impossible to say but it should give you a rough idea.

mes01

thanks ACG

So are there mortgage company's out their who will take oh's self employed income into consideration?
Sorry for all the questions, we just don't want to go and speak to an broker if we have no chance as a joint income

Thanks

ACG

There are a couple who will either average out the last 2-3 years. A drop of £18k isnt great but it might be possible to get round it.

Im not going to say they WILL accept it, but i certainly would'nt rule it out.

mes01

Thanks again Acg

Hopefully we will be able to get something sorted

mes01

I'm seeing a mortgage broker on Thursday, in the meantime has none else had this kind of scenario? And managed to secure a mortgage?

Sorry for ll the questions, just don't want to get our hopes up