dsMortgages

Question 1

Q) Can I get A Mortgage with just 1 Years Accounts?

Answer

Although most lenders in the UK Mortgage Market will require at least 2 years trading history and either Signed Accounts or Tax Calcualtions to porve your income, there are a number of lenders that will acept ust 1 Years trading. So if you have been trading for at least 1 Year and have submitted your personal tax return or filled your accounts then you may be able to get a mortgage with just one years proof of income.

Question 2

Q) What do the lenders want to see for proof of my earnings?

Answer

This will depend on whether you are a Sole Trader or Director of Lmited Company. As a sole Trader you will need to submit a Tax return and will need your tax Calculation (SA302) and the accompanying Tax Year Overview. You can download these directly from the HMRC website here or speak with your accountant to obatin them.
If you are a Director of your own Limited Company, the lender will want to see your finalised, signed Compnay accounts.

Question 3

Q) What Income do the Lenders Take?

Answer

If you are a Sole Trader then the lender will take your Net Profit. Thats the income after deducting allowable expenses. This is the part used to determine how much tax you will pay. You you are a Director of a Limited Company then they will usually look at your Directors Salary plus the Dividends Taken. Some lenders may consider your Directors Salary and share of Net Profit

Question 4

Q) How Much Deposit Will I need?

Answer

In the current Market the lenders will want you to have at least a 15% deposit to be considered for a mortgage with just 1 years trading history. This is because a granting a mortgage with just 1 years trading history ill be considered more risky to the lendr as there isnt a long a track record as most wouod want to see (i.e. 2 years)

Question 5

Q) What are the costs and fee's involved?

Answer

When buying or remortgaging a home there will be a number of costs involved. We wouod go through the specicifc costs and charginges individually as they can vary. Usually there will be a valution of surevy cost, payable to the lender although sometimes they may off a FREE valuation. There can be product fees associated with the mortgage payable to the lender. These can usually be added to the loan and sometime the lenders may offer deals with no proeduct fees. There will also be legal costs associated with buying a property and sometimes when you are remortgaging. These cn include searches, stamp duty and conveyancing charges. Al the advice we give is FREE. Once we have your mortgage agreed in rpinciple and you are happy to porceed to full application, we have a charge of £999 payable on application.

dsMortgages

0330 22 333 10

Mortgages For The Self-Employed with just 1 Years Accounts

Just 1 Years Accounts Required

Sole Trader or Limited Company

15% Deposit Required

Access to ALL UK Lenders

Lowest Rates Available

Purchase or Remortgage

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FREQUENTLY ASKED QUESTIONS

Q) Can I get A Mortgage with just 1 Years Accounts?

Q) What do the lenders want to see for proof of my earnings?

Q) What Income do the Lenders Take?

Q) How Much Deposit Will I need?

Q) What are the costs and fee's involved?

The Process Involved

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0330 22 333 10

Want Further HELP with Getting Advice?

How to Get A Mortgage with Just 1 Years Accounts

Make sure you have 1 Years Tax Calculation (SA302's) and Tax Year Overview

You will need at least a 15% Deposit if you are buying or 15% Equity for a remortgage

3 Months Business and Personal Bank statements showing your income and outgoings

Proof of identity (A Passport and or Drivers Licence)

Previous work history - It can help if you were in the same line of work before but not neccessary

Call Us on 0330 22 333 10 for a Free No Obligation talk to see how we can help you