My husband and I bought a house in May 2019 for 345k. Mortgage 272k fixed 3% BOI for 3 years. Based solely on my income as my husband had recently changed PAYE to sole trader so didn't have 2 yrs accounts at the time of application. We borrowed most of the difference from my parents (56k) and a personal loan and repaid my folks in January this year ahead of schedule.
We do not want to stay here and we're looking to buy a new home next year. By May 2022 we should have approx 100k equity based on current MV (360k) and loan balance at that point (258k). Foxed rate ends then too.
My husband's sole trader work ceased in March 2020 due to Covid and he has been on the PUP since, earning the threshold allowed every two months. His industry will be the last to return but work should pick up over the summer and into winter. We hope he can come off the PUP in July/August. Based on this year's projected income and 2020 and 2019, his income averages 11k. He is up to date with tax returns but doesn't have certified accounts... we can get these if necessary.
I am currently on maternity leave from my secure role in a multinational - returning end of summer. My salary is 84k and will hopefully be increased with a promotion late this year.
Does anyone know whether the banks would consider his income for an application if he is back working this summer and off PUP (by then for 9 months) or would the fact that he was on PUP rule him out altogether? He can earn very well with his daily rate and has little to no overheads.
We do not want to stay here and we're looking to buy a new home next year. By May 2022 we should have approx 100k equity based on current MV (360k) and loan balance at that point (258k). Foxed rate ends then too.
My husband's sole trader work ceased in March 2020 due to Covid and he has been on the PUP since, earning the threshold allowed every two months. His industry will be the last to return but work should pick up over the summer and into winter. We hope he can come off the PUP in July/August. Based on this year's projected income and 2020 and 2019, his income averages 11k. He is up to date with tax returns but doesn't have certified accounts... we can get these if necessary.
I am currently on maternity leave from my secure role in a multinational - returning end of summer. My salary is 84k and will hopefully be increased with a promotion late this year.
Does anyone know whether the banks would consider his income for an application if he is back working this summer and off PUP (by then for 9 months) or would the fact that he was on PUP rule him out altogether? He can earn very well with his daily rate and has little to no overheads.