Gross profit or net profit??

Cbarrett218

Hi me and my fiancé are looking into getting a mortgage we have had several different quotes from lenders on what we would be allowed. We have tried a broker and also both of our banks. The broker and one of the banks used net profit. But my bank used gross profit. We are both self employed. 

There is about a £50,000 difference in the quotes we have been given and we just want to know why there is such a difference and do  lenders use different figures aka gross and net profit. 

Thank you in advance. Courtney 

TWIGLET1234

It’s net I believe for self employment. It’s the amount shown on SA302 as taxable so therefore will be net 

Bibbitybobbitybop

Net. Definitely net.

[Deleted User]

Its definitely net. The bank that used gross profit ( ie before cost of items taken off profit,  expenses etc ) were incorrect.