Being self employed can make it hard to get a mortgage. Here at Finance Advice Centre we are whole of market advisors. This means we have access to all lenders to get you the best deal for your situation.
Less Than 1 Year’s Accounts
We have the options available to gain a mortgage for you with less than 1 years accounts. This is possible if you are in a profession such as a doctor, solicitor, dentist, architect or vet to name a few.
It is also necessary that a senior partner or the businesses accountant can confirm you are trading well and are well established. Also if they have your earnings to date and an estimation for your full 12 months earnings.
The maximum loan to value on this is 75%.
1 Years Accounts
We also work with numerous lenders that will accept self employed with 12 months accounts. On top of that some lenders will use net profits and dividends as part of the income you have available.
The maximum loan to value on this is 85%.
Other options available is using the help to buy scheme so you will only need a 5% deposit in as the government will put in 20%. As well as this if you are further into your first years accounts, for example 18 months, you can get a projection for your 2 year figures which will also decrease the amount of deposit you will need.
2 Years Accounts
With 2 years self employed accounts there are even more options available with less deposit required. This is as the lender will have more of an idea of how the business running, and also a better idea of the funds available.
The maximum loan to value on this is 95%.
3 Years Accounts
Once you have 3 years accounts you have access to most lenders available. However they all work out your income differently and won’t accept certain aspects of your income. It is our job to ensure you get the best rate possible for your personal needs.
Contact Us For More Info
If you are interested in finding out more, fill in the form to the right of the page or give us a call on 01332 821 340 and we’d be happy to advise you on your options.