Help with self-employed mortgage- Is this possible?

simplysimply

Hello,
My husband became self-employed in September 2013. We are looking to buy a flat around October 2014, however the first year's tax return will only cover Sept-April meaning less than a year of income will show on the SA302. Is it possible to have certified accounts done from Sept-Sept and use these for a mortgage application? (I know the number of lenders is limited with 1 years' accounts) We will have a good deposit and about 50%LTV. I am employed full-time.
Just need a bit of guidance as we are about to sell or re-rent out the flat that is providing the deposit. Thanks for any help

Wh05apk

Assuming your income is insufficient on it's own, then you will struggle, is your husband fully self employed and not a contractor?

simplysimply

Hi, he is fully self-employed, but he is able to do some contracting work in his industry, would this make it easier? I earn 27K so if we were able to get x4.5 or x5, then it would be sufficient- I was concerned that he may be considered a dependent, which may lower the amount, is this the case? Almost all the deposit is coming from him, so I think he needs to be on the mortgage, plus he earns more than me !

Thrugelmir

simplysimply wrote: »

so if we were able to get x4.5 or x5, then it would be sufficient-

That's a very high multiple considering the lack of income track record.

simplysimply

Thrugelmir, that would be just my 4.5 or 5 times my employed salary, if we could get that, we wouldn't necessarily need to include my husbands self-employed income at all. Just need a lender to acknowledge he has a year track record and that and that he is not a dependent.