Self-Employed Mortgages For Those With One Year Accounts

Getting a mortgage with one year of accounts

A self-employed business owner that has just started their business is likely going to find it fairly difficult to secure a mortgage deal. That should come as no surprise to you. But hope is not lost, you can buy that property you have dreamed about, you may just have to seek assistance.

Self-employed mortgage applicants to provide accounts

Ever since the financial crisis of 2008/2009, mortgage lenders will no longer accept self-certification to approve a mortgage for a self-employed applicant. Legally, you now need to prove your earnings, ensuring that you are going to be able to afford to pay back the loan, and that the lender has made a responsible decision giving you a mortgage.

In the majority of cases, lenders request at least three years of accounts and for many businesses that is likely to be easy enough to achieve. However, if you have not been trading for very long and only have one year of accounts, a mortgage may be trickier to secure. If you have two years of accounts, please see our specific page for more details.

Securing a mortgage with one year of accounts

As a self-employed business owner applying for a mortgage, you will need to prove your earnings. However, if you have only just started trading and only have one year of accounts, you are going to need to prove that your business is viable, and your income is going to be stable enough to afford to pay the mortgage back. Providing contracts for future work, a detailed business plan and a projection report from a chartered accountant are types of typically requested evidence.

Many high street banks will not provide a mortgage for a self-employed applicant with only one year of accounts, however, there are specialist lenders available who are willing to work with you and your circumstances. Finding those lenders and securing a decent mortgage deal is no easy mission; you should seek the assistance of an expert mortgage adviser who has helped copious numbers of clients in similar situations.

Mortgage advisers for the self-employed

Ever since the financial crisis of 2008/2009, mortgage lenders will no longer accept self-certification to approve a mortgage for a self-employed applicant. Legally, you now need to prove your earnings, ensuring that you are going to be able to afford to pay back the loan, and that the lender has made a responsible decision giving you a mortgage.

In the majority of cases, lenders request at least three years of accounts and for many businesses that is likely to be easy enough to achieve. However, if you have not been trading for very long and only have one year of accounts, a mortgage may be trickier to secure. If you have two years of accounts, please see our specific page for more details.

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