Mortgage question

[lazyakita]

I hope I can explain this right! We want to buy our "forever home" and have some good equity in our house, plus savings. We would have about a 50% deposit. However, we have to borrow close to the maximum mortgage available to us currently. We have no other credit commitments, loans or big monthly expenditures. We are self employed but have as much job security as anyone, probably more so. This past year our income has doubled and looks set to continue at a similar level for the foreseeable future. However, when we apply for a DiP as self employed we have to show tax returns of 2-3 previous years, which are lower than this recent one (2020-2021). Is there any way our current year can be counted on an application, or would we have to wait until we file in January next year? We were planning on waiting, but an amazing house has come up that's hard to ignore. With this year's income we would be offered a considerably bigger mortgage, but would only need to borrow a little more (as we aren't far short, it's mostly to have a sensible cushion).

I hope this makes sense. We might be out of luck and have to wave a fond goodbye to this house, but I have to try everything first. Thanks for any input

Go to a mortgage broker some specialize in self employed

You he a decent deposit which will help, plus two working adults.

Do you intend to have children or have them already? This maybe taken into account as they are expenaive

Could we have our accountant certify our accounts in the new tax year in a few days? Would that be sufficient proof of income? Just trying to think of options.

Hi @BluebellsGreenbells and thank you! I think a broker might be a great option. We've never used one before but it might be time. We have no children and no plans to have any, so no expensive nursery fees etc.

You can file as soon as you like at the end of the previous tax year. Just do it ASAP, then you can use 20/21 as evidence.

@NoWordForFluffy Of course! Where's the face palm emoji when you need it? Will get on that ASAP. Thank you!

My husband used to be paid via CIS and was always due a refund. His return was always done ASAP in the new tax year to get that money back!