Can YOU Get A Mortgage With No Accounts?
You’re going to find that majority of lenders aren’t going to consider you unless you have at least 12 months.
I would recommend waiting until you have one year’s accounts to start applying for a self-employed mortgage.
Watch this video/read the blog to find out why getting a mortgage with no accounts can be very difficult.
A question I get asked all the time is, can I get a self-employed mortgage with no accounts?
The difficulty is you haven’t shown that your income is going to be sustainable, so you’re going to find that majority of lenders aren’t going to consider you unless you have at least 12 months, so in terms of recommendation, I would recommend waiting until you have one year’s accounts to start applying for a self-employed mortgage.
At the point where you have one year, that’s a full 12 months of trading. If you are a sole trader, then that could be from April to April, at which point, the inline revenue, the HMRC will give you a SA302 or a tax calculation showing your net profit. That’s after all expenses, or if you, say, started trading in September, then you could get a full set of 12 month accounts until September, which will show, again, your net profit after all expenses, and that’s the key figure that mortgage lenders are going to want to use to calculate how much you can borrow.
If you would like assistance in getting a self-employed mortgage with one-year’s accounts, then please do get in contact, and we will be more than happy to assist you. We are the mortgage advisers to help you!
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