Self Employed mortgage questions - help?!

sc983

Hello All,

Myself and my husband are looking to move house. The flat we live in now was bought by my husband before we met so he has a small mortgage on this but I have never bought a property.

Apart from the difficulty of actually finding a house we both like and can afford the main stumbling block to finding out what we can afford is the fact that I am self employed.

I have been self employed since August 2010 and have 4 full years of accounts, Generally they show an upwards trend but there are a few blips - making your way as a newly graduated osteopath in the middle of a recession has not been easy!

I guess my main question is do all lenders only take your net profit or SA302/HMRC self assessment form as your "wage" when applying for mortgages?

Due to the large amount of travelling I do and as such claim mileage my net is roughly about half of my gross or actual wage. Currently if you average the last 3 years net profit it is just £5650 which is barely even worth adding to the application form
However my average gross for the last 3 years is £12,976 and the actually take home, what I've paid myself is £10,767, again not exactly massive incomes but it would potentially just give us enough to get what we want.

Obviously the important bit is being able to afford the monthly repayments but is it worth looking around a bit more than just my husbands current lender (Barclays - he's keen to transfer his existing rate as its just 0.5% above base rate for the life of the mortgage.) to see if anybody will accept more than just my net profit

Thanks all in advance for the help and advice