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Redundancy payment considered income?

Cat2011
Posts: 481 Forumite


I am taking a redundancy payment in May 2015 (22k, so not taxed), and leaving my job, possibly to become self-employed. I'm thinking about future mortgage needs. I understand I'll need at least two years of SA302s. Will the redundancy payment be considered as income in the 2015/16 tax year, or will it be solely what I earn from self-employment?
I am likely to be supporting myself from multiple little income streams. A bit of self-employment, bit of PAYE, bit of property income, bit of dividends. Do lenders take a dim view of this?
Thanks for any help.
I am likely to be supporting myself from multiple little income streams. A bit of self-employment, bit of PAYE, bit of property income, bit of dividends. Do lenders take a dim view of this?
Thanks for any help.
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Comments
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I am likely to be supporting myself from multiple little income streams. A bit of self-employment, bit of PAYE, bit of property income, bit of dividends. Do lenders take a dim view of this?
Each lender will judge an application on it's merits. In particular the secure nature of the income with a view to the longer term. If the income is extremely variable or not guaranteed, or isn't well established. Then the likelihood is that it will be disregarded.0 -
Your redundancy payment is not income.
Multiple earned income sources can be considered by many Lenders.
Self employed income needs to come with a track record of 24 months in most cases.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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