Chances of getting a Mortgage?

Mrh1019

Hi, I hope everyone is well. I’ve been reading this forum lots over the last few months and was hoping to see if I could get some thoughts/advice about our likelihood of getting a mortgage. Our circumstances are - 
Bankrupt in 2013 (now dropped off credit file). My husband sub contracts and earns around £39,000 a year. I’ve just started a new job (one month in) earning £16,900. We have a deposit of around £45,000 and are looking at properties up to £280,000 - £290,000.

I have a £2000 loan which I pay £146 per month. Taken out last year to help fund my Masters (recently completed).

We have a car on PCP which we pay £185 per month. 

Do we stand a chance? We are going to use a broker.

Thank You xxx

Daanish99

Hi, it is possible to obtain a mortgage as I have done similar cases for customers.  You will need to have your overall situation looked at but it looks possible from the information you have provided so far. Your husbands income would also need to be looked at as he sub contracts therefrore, would need to look at the situation collectively.  

Mrh1019

Hi thanks so much for your reply. Sorry what do you mean by ‘look at the situation collectively’? Thank you. Also I should maybe have added that he has sub contracted for the same company for 8 years. He’s CIS so they take 20% off him each week etc. I’d read on here that we may be able to use his gross income rather than profit?

thank you again.

x

TWIGLET1234

@Mrh1019 They’ll use whatever is shown as taxable profit on his SA302. So the earnings before the CIS is deducted, less allowable expenses. ie net profit. They don’t use the “after cis deduction” figure 

Mrh1019

Hi Tiwglet thanks for the reply. I’ve been advised that for CIS earners Halifax for example use gross pay from wage slips? So they don’t use profit. 

Not sure if anyone is able to confirm? Thanks x

TWIGLET1234

Mrh1019 said:

Hi Tiwglet thanks for the reply. I’ve been advised that for CIS earners Halifax for example use gross pay from wage slips? So they don’t use profit. 

Not sure if anyone is able to confirm? Thanks x

I don't know about Halifax but I believe it's whatever has been reported on the tax return, so whatever it says on SA302. If he does not report any deductible expenses in his tax return then yes it will be the gross pay per the CIS vouchers. But the income has to match what's reported on the SA302 (Tax return) as they will ask for those to verify income for the previous 2 years rather than CIS vouchers (wage slip as you call them)