self employed mortgage again!!!

lincsboy_2

Hi all. Self employed here me working wife not, have two kids. Last year's income 7k earnings 9k tax credits. This year 11.5k earnings 9k tax credits we have no debt or credit cards and excellent credit reports. When our house is sold we will have around 70k deposit for a new house. Last year we asked a broker and he said we'd struggle with our income basically lenders don't like tax credits out weighing income so he said. So my question is with this tax year coming and our income being higher what realistically could we achieve with the information I've submitted.

TIA

amnblog

Can you not go back to the original broker who knows your case?


He is best placed to comment.

lincsboy_2

Yes I could but I think he was half hearted for some reason. Be good to have an independent view.:D

amnblog

Half hearted probably because he could not see enough earning in it for him. A harsh reality of business, but if a case is not economical for us, we need to charge a fee and would tell the client so rather than provide 'half a service'.


A view on here will not be of much value to you are there are a number of factors that can majorly affect your borrowing limits that we cannot assess on here.


For example - are your current tax credits based on your new 'higher' employed income, and does your last tax credit statement reflect this?

lincsboy_2

The figures I've give are 13/14 and 14/15. tax credits from April will go down around 2k over the course of a year. Although I'm expecting my earnings to go up around 5k for 15/16.

lincsboy_2

Any other brokers care to share their opinion?

TIA