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sole trader mortgage / sa302

fishcatdog
fishcatdog Posts: 3 Newbie
in Mortgages & endowments
Hi can somebody please explain which figure the lenders use ?

I have been told by a "advisor" that it doesn't include personal allowance is that right?

thanks

Comments

  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Total Income Received. I think your broker is mistaken.

    Although there is a bit which says income from land and property from memory. If you have anything in there, that is not usually allowable income (although there are exceptions).
    I am a Mortgage Adviser
    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.
  • fishcatdog
    fishcatdog Posts: 3 Newbie
    edited 13 May 2014 at 6:18PM
    thanks thats a relief.....he said it was total income on which tax is due!

    I am looking at a rtb at a discounted price of 27200
    2 years trading 18k & 16k total income received would a mortgage be available ?
    (no debts)
  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Haha, i can imagine!

    You should be fine, I think the price of property is going to be your biggest issue. £27,200 will knock a lot of lenders out (they go off the purchase price rather than the valuation).
    I am a Mortgage Adviser
    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.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What is the market value of the RTB?
    I am a Mortgage Adviser
    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.
  • fishcatdog
    fishcatdog Posts: 3 Newbie
    edited 13 May 2014 at 7:21PM
    the rtb market value is 68k .....60% discount given....which is 20k cheaper than other houses on the street possibly due to work done on the house
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