mortgage advice for one self employed

Jaguar_Skills

My girlfriend and I are looking to get a house to live in.

I have done the calculator with our combined income but it says on it it is harder for self employed.

When we come back from travelling she will be going free lance as she can earn more money this way. If one is self employed but one in full time employment does this affect chances of obtaining a mortgage?

Does it also help that she already has a flat that she rents out?

ACG

If she goes self employed she will need atleast 1 years accounts before any lenders will consider her income.
Rental income may be accepted, but not many lenders will accept it and it needs to have been declared to HMRC.

Jaguar_Skills

She has done a years account t in 2014, then we went travelling for 6 months. Would this gap count again't us? Thanks for replying.

ACG

Probably not as its unlikely to get picked up until next years accounts by which time you would have your mortgage.

stephenni1971

The lender will take her annual figure. You could earn 4k per month for a year or 48 k in one day an shave the rest of the year off. As far as tax return goes they would both look the same.