Should I set up a business while applying for mortgage?

CalhounAgnes

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.

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.