Self-Employed Mortgages For Those With Two Year Accounts

Are you a self-employed business owner looking to secure a mortgage?

Have you been turned away from your high street bank because your business has not been operating long or it has recently made changes?

Active can help you to secure a mortgage. We don’t just turn people away; we work with borrowers to find a mortgage deal that a hard-working, self-employed entrepreneur deserves.

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.

A SA302 form from HMRC is often all that is needed to show your income for each year, as well as the tax that is owed. The SA302 form is available to download from the HMRC website.  

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 two years of accounts, a mortgage may be a tad trickier to secure.

If you only have one year of accounts you are likely to find it even harder, but we can still help you. Please see our one year accounts page for more details.

Securing a mortgage with two years of accounts

As a self-employed business owner applying for a mortgage, you will need to prove your earnings with the SA302 form or full accounts. If you have not been trading long or have recently had a structural change, you may need to also prove that your business is viable, and that your income is going to be stable enough to afford to pay back the mortgage.

Providing contracts for future work, a detailed business plan and a projection report from a chartered accountant are types of typically requested evidence.

Some high street banks will provide a mortgage for a self-employed applicant with only two years of accounts, however, there are also specialist lenders available who have less restrictions than high street lenders who specialise in self-employed mortgage applicants.

Finding those specialist lenders and securing a decent mortgage deal is no easy mission. You should seek the assistance of an expert mortgage adviser: someone who has helped copious numbers of clients in similar situations.

Mortgage advisers for the self-employed

With a team of advisers helping self-employed mortgage applicants every day, Active will find you the right lender and secure the mortgage deal you deserve. Running a business takes time and energy, so don’t waste those precious resources on finding a mortgage deal when you only have two years of accounts, let Active’s experts do that for you. 

Arranging a consultation is easy. Contact us today and we will work with you to find out what you can afford, what type of property you are looking to buy and more about your circumstances, so we are primed to find a mortgage deal that you deserve.

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