Hopeful for a HTB mortgage late 2020

a6

Morning! The wife and I are hoping to buy through the 5% deposit/ 20% equity loan HTB towards the very end of the year, with a hopeful value of around £225k-£250k. I understand that COVID-19 has changed the ballgame in terms of what will be available considerably, and nobody can see into the future, but any help would still be appreciated. Basically, I have two main questions - and I apologise if lengthy!

The first thing I'm slightly concerned about is my income - or at least demonstrating it. I'm both employed part time, and freelance. My employment is £20k per year (wife's is £26k), and my average self employment profit per year over the last three years tax returns (to APR 2020) is £12k, with the most recent return by far the highest. However, my self employment can be fairly erratic when it comes to actually getting paid and this year is bound to be much lower for obvious reasons. My concern is that when it comes to submitting the 3 months of bank statements, it could quite easily look like I really don't earn anything close to what my previous tax returns might say.

It's not uncommon for me to send perhaps 8-10 invoices in a whole year, and it could be the case that only one gets paid onto the statements that the bank sees. Does anyone have any experience here? Can I make any rough guesses as to how much they might reduce my forecasted income by if this happened? AIPs and the HTB affordability form seem to suggest that £25k/£32k would be perfectly comfortable for a £250k HTB, but £25k/£20k very much scraping it.

My other question is on creditworthiness. Neither of us have any current debts at all (but with a history of paying off loans, credit cards in a timely manner etc.) but I do have two sets of 0120 exceeded overdraft marks on my report for £30-£40. One set from two years ago, and one from nearly five. I understand that these will probably mean no highstreet lenders, but given that they're a reasonable time ago and I've not so much as touched my overdraft in six months, would they be a killer?

Incidentally, I received a good AIP from Halifax, who are my bank and the ones that I had the overdraft with in the first place. I understand that their AIP is based on very limited info, but given the most recent black mark on my record is less than three years ago, at my current address, and with them, can I assume that they probably took it into account?

Many thanks for any responses! Even if it  is just telling me that COVID-19 means no 95% mortgages 

Thrugelmir

Self employed earnings, i.e. the profit. Will be based on what you declare to the HMRC. 
As the months pass your credit history will age and become less relevant to the application.

Focus on building your deposit. This is something over which you have total control. The future currently is uncertain. In time normality will return.