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Franchise income for mortgage
swindiff
Posts: 976 Forumite
My partner is planning on buying a window cleaning franchise next year. The franchise will come with a round worth £25k / year. This could be expanded on if required. How long will it be before this income can be considered when applying for a mortgage?
Cheers
Cheers
0
Comments
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minimum 1 year reported to HMRC - 2 years (or even 3) with most lendersHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Could her previous income be considered? Does it make no difference that the round is already up and running and has been for many years?0
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I don't know - what is her previous income ?
No it doesn't.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Previous income would be about half that of the franchise income.0
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Why do you need to buy a franchise to do a window clearing round?0
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Brock_and_Roll wrote: »Why do you need to buy a franchise to do a window clearing round?
I don't know, but there are a lot of window cleaning franchise opportunities out there.
I suspect that is more profitable to sell a window cleaning business than it is to run one.:)0 -
Could her previous income be considered? Does it make no difference that the round is already up and running and has been for many years?
What if the new owner only has one arm and can't wring the chamois out?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 -
Because the round is up and running, all the customers are in place.
My partner has 2 arms so not a problem.
Van with pole system so no chamois ringing required.
Thanks for the constructive comments
It is my brothers business, it is very profitable. He has his own round plus 3 franchisees currently0 -
A cheeky comment to illustrate a point.
Lenders consider a new business owner in this kind or operation as having just started in the business.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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