Self employed advice

rewindrooms

Hello,

I'm after some advice! I'm self employed and looking to move home this year but a little (very) confused about my options.

My wife and I moved into our home five years ago and took out a five-year mortgage that will end later this year. Since then I have become self employed. I have filled in self assessment for the last four years, but only worked full-time self employed for the last year, so I have three years of earning just a few thousand through self employment (in addition to my previous full-time job) and then around £28k last year after going full-time self employed. I'm on course to earn around the same again this year. But, am I right i thinking that getting a mortgage based on this will be tricky? My wife earns around £24k, we will have around £60k deposit (including original deposit, increased value in our current home and savings) for a new property worth around £220,000.

Basically, I'm just unsure whether we have absolutely any chance of doing this, or whether I would need at least one more year of full self-employment earnings before we can consider it?

Any help would be greatly appreciated. Thank you!

ACG

Because of the size of your deposit, there are maybe 2-3 high street lenders who will consider you with the latest years figures only. There are also a few non high street lenders who would use latest years only - so to answer your question, you should be fine but we could be talking normal rates or a little above so your payments could vary.

Most will average out, which might put you a little on the shy side.

Grab a broker and I think you will be fine.