Proof of income

[benaitken]

Hi , could you please give me some advise , i am self empolyed as a Plasterer with 3 years accounts. I want to re-mortgage with a 90% ltv to release some equity to get a btl . Will lenders except bank statements as proof of income or will they only except my tax returns , Many thanks .

[Mortgage_Adviser]

In all probability they will want both. Your tax returns or accounts will definitely be required and this will be the income that is used to judge affordability (ie your net profit).

[benaitken]

Thanks mortgage adviser , could you also tell me what banks are lending times your income?

[Mortgage_Adviser]

I'm afraid it's not quite as simple as that.

You can get up to perhaps 5 times, but it will depend on the size of your income.

If you PM me some income details (ie last 3 yrs net profit), size of deposit & list of debts (or reply on here, it depends how much you value your privacy) I can give you a better idea. Also, how is your credit rating? Any children? And anything else you think may be relevant.

I can only give you a rough idea without a full factfind meeting, but it may help.

[Minerva]

I am an independent mortgage broker and as above any lender is likely to look at bank statements and tax returns, there are a few things in the scenario above that are going to have to be considered, maximum lending is one but also taking your current borrowing up to 90% LTV will go beyond what most lenders will lend for capital raising purposes, rental income etc. Have you explored all your possibilities?