Mortgage - one year's accounts
Getting a residential mortgage or remortgage if you’re self-employed with only one year’s accounts is possible, although your choice of lender is currently limited.
Documentation requirements will include one year’s finalised accounts, most recent year’s figures generally used. And possibly Inland Revenue SA302 (tax calculation) form, or Accountant’s certificate.
People with two year’s accounts can be offered higher LTV.
Most lenders do a credit score which means they look at factors such as how long you’ve lived at your current address, whether you’re married or single, how long you’ve had your bank account, and whether you’ve had any CCJ’s, late payments etc. It is strongly advisable to be on the Voters’ roll at your present address as lenders often refer to this. Before applying for a mortgage, it’s advisable to obtain a credit reference from one of the major agencies (eg EXPERIAN or EQUIFAX) to give you time to sort out anything you may not have known about.
At Kevin Sewell Mortgages, we guide our clients throughout the whole process and endeavour to make things easy for them. It is best to obtain a decision in principle from a suitable lender before buying a property and, as we are independent and source from the UK mortgage market, we can save them a lot of time, unnecessary credit scores and disappointment.