Mortgage_self employed income

MM2019

Evening all,

Myself and my wife are currently in the process of a mortgage application, looking to port our mortgage to support and move up the ladder.

I am a permanent employee of multiple years and provide 95% of our family annual income.

My wife is self employed and tops up our income when she has the capacity to, when not looking after the kids.

She began self employment is sept2016 so the 16 to 17 tax year is made up of employment income and self employment income and 17 to 18 is self employed income. She has increased her net profit during the two mentioned tax years so no decline trend.

We have provided our lender with last two years SA302s as requested and have our main mortgage meeting soon after the initial AIP and case building. I recently dug into the lender criteria out of curiosity and it mentions 24 trading months as evidence. Are we now likely to fall short when this goes to be underwritten?

To add, this is with our current lender and we both have very good credit history etc.

Thanks

amnblog

This question cannot be answered on the information provided.

Most Lenders will average the last two years, or three if available.

If your wife’s income is crucial to affordability you may need a lender that will work on latest year.