Mortgage & self employed advice

yellowroses

Registered User
Messages
55
Hi,
Hope someone in the know can advise me. The place where my husband works has him doing his own taxes & for this reason he falls into the self employed bracket even though he is actually working for someone else with set wages & hours etc. I am a stay at home mom & sometimes i child mind but its been irregular. In dec i will be minding full time regularily & i intend notifiying so i can pay me taxes as a self employed childminder. My husband is in his job 16 months now. We aim to have a deposit for a house saved by june next year. We will be 2nd time buyers. Bought a house a few yrs ago but sold it as i went back to college & then travelling. We are renting for the last 2 yrs. As it stands ive checked on a website to see how much we can borrow & its coming up as 132k for my husbands 25k a yr income, if i add my 12k income it goes up to 200k for a mortgage. What i want to know is what will happen as my husband is classed as self employed? Will it make things harder for us? He gets paid by cheque once a month which we cash in the credit union & my childminding wage is given to me in cash. How can we prove our earnings & where can i find out what the banks are looking for in regards approving mortgages. I want to get everything in order as soon as i can. We cant apply for affordable housing or shared ownership as we are not first time buyers. Any advice gladly welcomed. Thanks
 
I think you should set up as a sole trader and in this way you would have a business bank account to prove/record your earnings, You would need to also retain full receipts for expenses. Is you husband setup as a sole trader or company. You would need accountant to set up as sole trader and to complete your annual return. If your husband does return with his accountant, then maybe you could get his accountant to complete your business return also so as to complete the accountant costs low. Best of luck with it
 
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