new mortgage application with no recent work history?

yanda

Hi all

Currently own a house with a 164K 5 year fixed mortgage with the abby, 4 years left fixed, 24 years left on mortgage. Both myself and girlfriend are full time employed and I also do work in the evenings (registered as sole trader).

we're thinking of going traveling and renting the house out for 12 months (after informing abby). whilst travelling i'll still be working (god bless the internet!) and should earn approx 25K. Girlfriend won't be working at all.

when we come back will be looking to buy another place for around 200K with a 20K deposit. ideally I'll carry on working self employed (on approx 25K) and girlfriend is looking to get a job around 20-25K

My questions are

1) How will our earnings be worked out? would it just use the last years earnings i made whilst travelling be taken into account?
2) would already having another house/mortgage count for anything?
3) would we apply for a joint mortgage even though my girlfriend hasn't technically worked the previous year?
4) would we be better both getting full time jobs when we get back and applying for a mortgage after 6 months?

thanks in advance!

yanda

no one got any advice?

apk1

Lenders have different criteria, some will want employment history for 6-12 months, some will accept from day one, as far as s/e income is concerned, most will need 2 years history, most will take an average, unless most recent is lower.

At the moment there are too many variables to give meaningfull "advice", but provided income stacks up when you get back you should be ok, provided you can explain your situation to broker/lender.