Joint Mortgage: 1 employed and 1 Self employed

BekC85

Hi

I have a question about joint mortgages if one applicant is employed and 1 self employed. I would like to know how much we are likely to be able to borrow and how the self employed wage is taken into account.

I currently earn £25,000 and will be the main applicant and my partner is self employed and has been for the last 20 years however from 2011-2013 due to personal problems and the backlash of the recession his accounts weren't great. We are looking at average wage of £15000.

We should have a deposit of around £30-50k available and have no outstanding debt other than my student loan which is on the old version before they brought in higher fees. For the areas we are looking at the house prices range from £150 - £200k.

Are we being totally unrealistic even with the deposit?

Thanks as this is stressing me out.

Rebecca

kingstreet

His income will be an average of his latest two tax years' net profits from accounts or HMRC SA302s.

HappyMJ

BekC85 wrote: »

Hi

I have a question about joint mortgages if one applicant is employed and 1 self employed. I would like to know how much we are likely to be able to borrow and how the self employed wage is taken into account.

I currently earn £25,000 and will be the main applicant and my partner is self employed and has been for the last 20 years however from 2011-2013 due to personal problems and the backlash of the recession his accounts weren't great. We are looking at average wage of £15000.

We should have a deposit of around £30-50k available and have no outstanding debt other than my student loan which is on the old version before they brought in higher fees. For the areas we are looking at the house prices range from £150 - £200k.

Are we being totally unrealistic even with the deposit?

Thanks as this is stressing me out.

Rebecca

Not being unrealistic at all. You don't even need his profit figures to support a mortgage of around £100,000 just on your income alone. It might be a close one with some mortgage lenders to get a little bit more but if he can't prove his income then just use yours only.

You partner can still be on the mortgage and title with no declared income.

BekC85

Thanks for the information so does that mean that if his average is £15,000 then that would be added to my income and it would be and they would multiply our joint income. so for example 4 x £40k?

BekC85

HappyMJ wrote: »

Not being unrealistic at all. You don't even need his profit figures to support a mortgage of around £100,000 just on your income alone. It might be a close one with some mortgage lenders to get a little bit more but if he can't prove his income then just use yours only.

You partner can still be on the mortgage and title with no declared income.

Thanks for this information. We would prefer to be able to get the maximum so ideally with our deposit sit between £150 and £200k so we have more room to play with.