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Small business accounts and mortgage

(5 Posts)
elephantpig Sun 09-Oct-16 17:39:26

Hi,

I'm in the process of applying for a mortgage with my husband. We both have full time jobs and our salaries easily cover the mortgage repayments. We have a DIP.
However, we now need to go into branch to apply for an actual mortgage as we've had an offer accepted on a house. We need to bring in statements from bank accounts we use regularly and I've suddenly realised that perhaps I need to take in accounts for my small business. It is a really tiny business but does have it's own bank account and credit card. I'm a sole trader. I'd rather not have them look into the small business account because it is relatively new so I have currently spent more money than I've made - though I do have stock in excess of any 'debts'. No money has left my personal account to go into the business account, however money has come from the business account into the personal. Our deposit is 40k and we have some money coming to us in the next few weeks which will boost our savings to 55k, but I don't have the cash available right now to just pay off any business debts in full - though I will.

TLDR; Do I need to take my business banking statements into a mortgage meeting if business income isn't included in mortgage affordability calculations.

19lottie82 Sun 09-Oct-16 22:23:10

I'm a sole trader and just had to take in evidence of my annual tax return calculations.

19lottie82 Sun 09-Oct-16 22:23:41

Log into your self assessment account on the hmrc website, and you can print these off.

elephantpig Mon 10-Oct-16 08:16:59

I haven't been doing it long enough to have tax returns. Only a few months...

19lottie82 Mon 10-Oct-16 12:55:28

I'm not too sure then, there's prob not much point on me speculating, just speak to the mortgage advisor when you meet. I wouldn't worry about it too much.

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