Good news, this could be possible for you.
The key thing I find when having one year’s accounts and one year’s experience as a self-employed person.
Watch the video or read the blog post to find out how you could achieve your self-employed mortgage with just 1 years accounts.
Click the video or read the transcription below:
A question I get asked all the time is, “Can I get a mortgage with one year’s accounts?”
And it could be possible for you. The key thing I find when having one year’s accounts and one year’s experience as a self-employed person, sole trader, limited company business owner, is making sure that you had previous experience within the trade. Because what a mortgage lender is looking at is, is your income going to be sustainable for the future.
So, let’s say, for example, you were a trades-person and you train to become a professional, a solicitor and accounted even a mortgage broker. The concern from a mortgage lender’s point of view is that complete change in the industry and the lack of experience that you’re taking into your future self-employed career. Now if you were an employed solicitor and you became a self-employed solicitor, then at least you’ve got experience within the trade, and it could help a mortgage lender to think more favorably about giving you a mortgage with one year’s accounts.
So, if you’re self-employed and you’ve got one year’s accounts, or you’re coming up to the end of your first year, my personal belief is that preparation is the key. Because if we can understand your circumstances and know more about you, we can give you an indication if it could be possible. And one thing that I found can help a self-employed individual looking for a mortgage with one year’s accounts, is to have a projection for the following year.
So, let’s say, for example, your accounting year ended in April. And you start thinking about getting a mortgage in October. You’ve technically now been trading for 18 months. Having a projection for the second year is going to stand you in good stead with a mortgage lender because they can see that, hopefully, your business is continuing to progress, and that your income is continuing to remain sustainable and hopefully growing.
So, if you would like some assistance as a self-employed individual with one year’s accounts, please do get in contact, and myself all the team will be happy to help. If you’re thinking about preparation then you could go to Amazon and get a copy of my book, which is the self-employed mortgage guide, which I do talk about having one year’s accounts in there and how you can set yourself up for success. Or if you would like to know the mistakes that people tend to make when getting a self-employed mortgage, then visit our website. We have the seven key mistakes that business owners and entrepreneurs make when buying their dream home, remortgaging or investing. You can download that as a free gift for you and we hope that we can help you in the future.
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