Mortgage affordability

Missperfect

Hi all,

Myself and my soon to be husband are looking to buy our first home together. I work full time paye, as does he, but he also has a self employed income of around 8-9 K per year. Can anybody tell me if lenders would include the 8K into the total annual income to work out how much we can borrow? Or maybe point me in the right direction please. Many thanks in advance. :beer::beer:

G_M

I believe lenders tend to require 3 years acounts for the self-employed business.

Missperfect

Thank you yes we have that to hand.

Victor_the_Gink

Speak to a mortgage broker - that's your best bet.

Lilla_D

Although most lenders require 2-3 years self-employed history, some can accept even 1 year history. Most lenders accept second income, although not everyone uses 100% of this income for calculating the potential borrowing.

ACG

I agree with the above. It appears you have 2-3 years accounts available so I am sure you will find lenders who will use 100% of the second income.

As a ball park, I work to the tune of 4.5x annual income + deposit as an estimated purchase price.

Although the amount will vary, if you have a football team worth of kids your lending capacity will be less than someone with no kids and the same goes for debts (credit cards, loans, HP etc).