theoretical self employed mortgage question

[DirtyHands]

I'm looking at going self employed in the near future (within the next 18 months). We own our current home (with mortgage) and will be looking to move house in the next 2 or 3 years. My wife isn't contracted and only earns an average of £12k a year. We are i the fortunate position where we can move up the ladder to a larger home with a cash input and therefore not needing to borrow anymore money on the mortgage.

My question is how likely is it that we could transfer our current mortgage to a new home (or take out a new one) for the same amount that it is now (circa 50% LTV with 35 years remaining), once i'm self employed with possibly only a years worth of accounts?

Is it realistic or do i need to push through a house move before I take the jump on my own?

[Sarnie]

DirtyHands said:

I'm looking at going self employed in the near future (within the next 18 months). We own our current home (with mortgage) and will be looking to move house in the next 2 or 3 years. My wife isn't contracted and only earns an average of £12k a year. We are i the fortunate position where we can move up the ladder to a larger home with a cash input and therefore not needing to borrow anymore money on the mortgage.

My question is how likely is it that we could transfer our current mortgage to a new home (or take out a new one) for the same amount that it is now (circa 50% LTV with 35 years remaining), once i'm self employed with possibly only a years worth of accounts?

Is it realistic or do i need to push through a house move before I take the jump on my own?

Move before you become self employed...........

[trickywoo]

When I looked into this the mortgage providers weren't really interested in accounts what they wanted to see was your self assessment returns.

Appreciate that doesn't answer your question but Sarnie is the resident expert so I'd do that and bear the above in mind for the future.

[Dan_M5]

My be different to me but all i had to do was some some contract values and they gave me a mortgage

[Spidersleg]

Possibly depends on the lender, but Halifax were only interested in my last 3 years Self Assessment figures. When we tried to get a mortgage and I'd only been 18 months self employed, they weren't interested and my earnings were not counted.

Edit to say

Move before you go self employed.

[tyrrell]

Definitely move before you become self employed, you will save yourself a whole world of agro and frustration