buying out husband

batgirl21

hi

I'm currently mid divorce and self employed and vat registered

i need to buy my husband out of current mortgage and then take on balance

Am I a first time buyer as in my own name or re mortgaging

when looking at what I can afford its been implied to me that the lender will use the last 3 tax years SA30 and then give me an income that is the average of those 3 years, is this correct please?

also as divorce isn't sorted the maintenance payments for the kids has not been agreed by the courts yet but he has been paying more than the minimum for the last 9 months so would I be allowed to add the minimum to my income before using the multiplier?

thank you

amnblog

Both of your questions depend on the Lender you are applying with.

kingstreet

You own a property so you aren't a FTB.

You are not moving, so it's a remortgage if you are changing lenders or an alteration if remaining with the current lender.

As amn has said, lender requirements on self-employed income and maintenance are all different so you need to establish your chosen lender's attitude, or speak to an independent broker for a whole market view.

BTW it's more usual to supply SA Online Tax Calculations now than SA302s, but either way you will need the accompanying Tax Year Overviews with each one.

batgirl21

thank you for your help