Halifax and self employed income - what figure do they use?

thermal2844

OH has two years of SA302s. First year was about £7,800, second year was about £13,300. Do they take the most recent year, an average of both years, or the lowest year when determining income?

We will be filing jointly, not sure if that makes any difference.

bengalknights

Usually its the average from the last 3 years.

kingstreet

Average of the latest two years; unless the later year is lower then the later year figure is taken.

There are several lenders wiling to work from latest year's if higher than the two year average, but Halifax isn't one of them...

thermal2844

Thank you both. The average will put us at the upper end of what they will lend us (£144k needed out of a possible £148k). Hopefully that won't be an issue.



What are these other lenders, or is this something only going to a broker will tell us?


The reason we are going with Halifax is because I am starting a new permanent contract job at the beginning of next month, on a 6 month probation, and Halifax said they accept any jobs that start in the next 6 months.

kingstreet

Research the lenders for yourself, or have a broker do it for you.