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!
Applying as self employed for mortgage
PrincessLou
Posts: 503 Forumite
We are looking to move house in 2 years time. My husband has a fairly well paid regular job, whereas I am now part time self employed.
My question is - my income from year to year fluctuates depending on how much work is around and how much time i am looking after the children. When you apply for a mortgage how do they calculate how much you can borrow based on your earnings, if for the past three years they were completely different?
My question is - my income from year to year fluctuates depending on how much work is around and how much time i am looking after the children. When you apply for a mortgage how do they calculate how much you can borrow based on your earnings, if for the past three years they were completely different?
Mortgage - £105,500
0
Comments
-
You will normally see your last two years' net profit from your HMRC SA302s averaged to provide the income figure lenders take into account.
If the latest year's net profit is lower than the previous year's you may see the lender take the latest year's net profit alone as the average would have been higher.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
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards