Getting a mortgage with part-time job and freelance income

Dsarath

Hi,

I'm currently working in a full-time job. However, I am beginning to make quite a fair amount of steady income doing freelance work on the side. I'm seriously considering leaving my current employment and committing to freelancing in the next 6-8 months (as well as getting a part-time job on the side while I build my income even more). My partner and I, however, are eager to get a mortgage in the near-future. She work full-time. What kind of problems would we face getting a mortgage if these are my ambitions? And what solutions might there be? Thank you kindly for your help in advance!

HappyMJ

Dsarath wrote: »

Hi,

I'm currently working in a full-time job. However, I am beginning to make quite a fair amount of steady income doing freelance work on the side. I'm seriously considering leaving my current employment and committing to freelancing in the next 6-8 months (as well as getting a part-time job on the side while I build my income even more). My partner and I, however, are eager to get a mortgage in the near-future. She work full-time. What kind of problems would we face getting a mortgage if these are my ambitions? And what solutions might there be? Thank you kindly for your help in advance!

Profitability and affordability.

Self employed people people like myself tend to have business expenses which reduce your profit and taxable income which in turn looks like you don't make enough money to service a mortgage.

To use your self employed income you really need a minimum of 3 years accounts showing a steady profit. If you're just starting out you won't have any accounts at all so your income may not be taken into account at all.

That doesn't stop you from getting a mortgage if your partner's income is high enough to support the mortgage payments without taking into account any of your income.