Mortgage question - probably really simple but can’t get a simple answer- any help pls

[Joewasmyfave]

Hi we are thinking (hoping!) to move soon ideally within the next year but don’t know if we will need to wait.
husband swapped to subcontracting last November so is classified as self employed .
is it too soon to move some friends saying we’d need 3 years worth of taxes otherwise it would cost a £££.
are we better off waiting?
husband on around £45k I’m on £48k (permanent employment) we have ok deposit 110k but would need both our earnings for the new mortgage.

Self employed people can indeed either prove reliable income by providing accounts over a number of years, or can access a mortgage without such proof but paying a higher mortgage interest rate. it's not a binary choice exactly - there will be some lenders who only ask for 1 or 2 years accounts rather than 3 but who have a higher interest rate than the lenders who require 3 years.

You'll be buying at a time when you have 1 year's accounts. if you get a 2 year fix at that point, then when it is coming up for renewal you will have 3 years accounts and will be able to remortgage to a lower rate.

A mortgage broker will be able to find you a way to maximise what you can borrow.

however, in my opinion it is never a good idea to actually borrow right up to the limit of what banks will lend you. therefore in your position I would consider asking for a mortgage that is based on your permant salary only, disregarding dh income. could you buy something livable on that budget?