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Should I set up a business while applying for mortgage?

  • 29-07-2020 02:02PM
    #1
    CalhounAgnes
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi, I am a PAYE worker with a full time job and should have no problem getting a mortgage with my fiance.

    Recently I have a found a niche in selling specific art posters which has potential to bring in ~€100-€200 profit a week. If I go and set up this side project with Revenue while still keeping my 9-5 job, will this side project prevent us from getting approved. I mean would this new side venture negatively affect our chances or should we wait until after mortgage approval? This would mean losing out on business in the meantime.
    Tagged:


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If you're staying in your existing employment it should not make any difference. If you were applying solely on self employment income then you will need to supply 2/3 years accounts and tax records.

    You need to keep the self employed income separately and take into consideration that there needs to be a paper trail and explanation for every transaction over the previous 6 months in your current and savings accounts.

    CalhounAgnes wrote: »
    Hi, I am a PAYE worker with a full time job and should have no problem getting a mortgage with my fiance.

    Recently I have a found a niche in selling specific art posters which has potential to bring in ~€100-€200 profit a week. If I go and set up this side project with Revenue while still keeping my 9-5 job, will this side project prevent us from getting approved. I mean would this new side venture negatively affect our chances or should we wait until after mortgage approval? This would mean losing out on business in the meantime.


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