Self employed + employee - changing job

TDPIX

Hello,

I was wondering how mortgage companies usually handle the following situation.

My wife and I are both classed as self employed because we each own 50% shares in our limited company. We both draw out dividends. I also work for my company as an employee, whereas my wife works as an employee for another company.

How would a mortgage application be judged if my wife changed jobs (i.e. from one company to another)?

We would still have 2-3 years of previous SA302s and any future income would be similar (i.e. any new job my wife took would pay similar amounts).

Thanks!

ACG

If your wife is still a shareholder within the company (usually over 25%) then she would still be able to use the figures on the self assessment for income. 

For the employed part, this really varies. Most lenders would need her to have been in the new job for between 1 day to 6 months and/or passed probationary period. Ultimately most circumstances can be worked around, speak to a broker. 

TDPIX

ACG said:

If your wife is still a shareholder within the company (usually over 25%) then she would still be able to use the figures on the self assessment for income. 

For the employed part, this really varies. Most lenders would need her to have been in the new job for between 1 day to 6 months and/or passed probationary period. Ultimately most circumstances can be worked around, speak to a broker. 

Ah okay, thanks, that makes sense and it's good to know 🙂