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How does a mortgage work when your income is variable?
TheLearner2008
Posts: 145 Forumite
Hi there,
My income over the next couple of months and years is going to be more variable as I am doing a lot of self-employed work.
How does the mortgage application work in these instances?
I assume the banks require statements showing the incoming coming in and then your outgoings. How do they analyse it and what are they looking for? What other things will they need.
I just want to plan ahead because I will be applying for a mortgage in about a years time.
Cheers,
David
My income over the next couple of months and years is going to be more variable as I am doing a lot of self-employed work.
How does the mortgage application work in these instances?
I assume the banks require statements showing the incoming coming in and then your outgoings. How do they analyse it and what are they looking for? What other things will they need.
I just want to plan ahead because I will be applying for a mortgage in about a years time.
Cheers,
David
Debt 1 June 2017: £35,000.00 ~ Debt now: £10,000
0
Comments
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Averaged net profit from two or three years' HMRC SA302s.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
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kingstreet wrote: »Averaged net profit from two or three years' HMRC SA302s.
So what if I was a salaried employee up until April and then self-employed after that, would I have to be self-employed for 2-3 years before getting a mortgage?!?Debt 1 June 2017: £35,000.00 ~ Debt now: £10,0000 -
If you need that self employed income to underwrite the mortgage - with 90% of the lender's, yes.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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