Getting a mortgage when self employed working under CIS

Dolly123

My husband is self employed and works under the Construction Industry scheme can anyone advise which mortgage lenders will on his daily rate rather than his yearly accounts (SA302) as there is like £15k difference in these figures and also whether the Help to Buy scheme will also use the daily rate rather than his SA302 in qualifying us to use the scheme?

Thanks in advance!

amnblog

Get it right and engage a broker

Dolly123

Oh yes of course i will do 100% i just want some advice in the meantime

Dolly123

Also would lenders take a letter from his boss as confirmation to what he earns as he has recently had a very big pay rise and this will be shown on his 16/17 books but we want to buy the house when its released in January before he has submitted his accounts?

kingstreet

Different lenders work in different ways but no, I wouldn't expect a lender to base lending on future income for someone not directly employed.

Typically, his income over the last few months will be averaged and evidenced with invoices and payslips.

If he is a contractor on a daily rate and works via an umbrella or his own limited company, this may be different.

Either way, you need a broker to put your questions to, then you get answers specific to your circumstances not just generalisations and speculation.

Dolly123

Yes he does work under an umbrella and is on a daily rate