Posting for traffic...
I'm self-employed and hoping to get a right to buy mortgage. I have a poor credit score after getting into financial struggles after leaving exDH domestic violence situation.
I'm in a far better position now and earning enough to cover a mortgage. Especially as I have DP living with me who is also earning full time but he's unable to get a mortgage at present.
I need to submit my 20/21 tax return so I have proof of income for the mortgage application however I'm torn about what figures to add as my expenses.
Done correctly, my expenses leave me with less profit so I was thinking I could lower my expenses, pay more tax (begrudgingly) but increase my profit and chances of getting a mortgage.
Not sure what's best to do here. I'm sure HMRC won't mind paying more tax, but will the mortgage company prefer a higher profit or do they go by my total income before tax?
Truthfully, I think my credit score it too bad to get approved this year but I don't want to put a lower profit in and shoot myself in the foot next year when I come to try again
Any advice greatly appreciated 😊