Self-employed mortgages even with 1 Year accounting period.

At Mortgage321 we've helped a high number of clients who required a mortgage even though they only had 1 years accounts.

We work with a number of lenders who are happy to consider applicants with 1 years accounting period when assessing mortgage affordability.

Contact us now and find out how much you can borrow.

Mortgages with 1 year accounts.

In the days of self-certification, when applying for a mortgage a self-employed person or Company director, with more than 20% shareholding, could simply give a statement about their earnings for the lender to use as a basis for awarding it.

 

Since that option was removed in 2011, getting a mortgage when you’re self-employed or a Company Director has become a little more challenging, but it is by no means impossible.

Regulations require mortgage lenders to ascertain an applicant’s proof of income, to show they are lending responsibly and that the borrower is able to repay the loan. Some lenders do this by requesting up to three years’ worth of business accounts, which can be a problem if you’ve only been trading for 1 year.

Fortunately, it is possible to get a mortgage with one year’s accounts, although it’s not the easiest task. Lenders willing to consider providing a mortgage in these circumstances will typically ask for a lot more background information than just your accounts. They will be interested in how long you have been working in your trade prior to being self-employed or a Director, whether previous jobs have been similar to your business now, and your previous income level through that work. All these and more will play a part in the underwriting process and give a guide to your income and outgoings.

Lenders will also give more flexibility if you are able to put down a larger than average deposit, or already have a lot of equity in a current property, then they will feel more confident about their perceived level of risk in the mortgage.

That's where Mortgage321 can help - in presenting you as a borrower in the right way to ensure you will be accepted with just one years accounts.

 

To find out more contacts us today and see how we can help you!

Mortgage321, Specialists in Mortgages even if you have just 1 years accounting period.

Address: Suite 152, 9 St Johns Street

Colchester Essex CO2 7NN

Tele: 01255 440142 or 0800 612 8292

Email: info@mortgage321.co.uk

 

Opening Times: Monday - Saturday 9am - 10pm 

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage321 is a trading style of Matthew Christopher Pigrome who is an appointed representative of Ingard Financial Limited which is authorised and regulated by the Financial Conduct Authority No 450731. DPA number Z1704032. 

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk

Please be aware that by clicking on to the external links contained within this website, you are leaving the Mortgage321 website. Please note that neither Matthew Christopher Pigrome nor Ingard Financial Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this website.

The information contained on these webpages is for information purposes only and does not constitute individual advice.

Please contact us to arrange a consultation.

The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.

*This is a lifetime mortgage (home reversion scheme). To understand the features and risks, ask for a personalised illustration

*^Source Trigold June 2019

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