The short answer to this is yes. In the market now there is a large number of lenders that will offer various different criteria. This covers a lot of different aspects of self-employed mortgages. Whether it is you only have 12 months accounts, need to use retained profits or even need to use your calendar year accounts there could be an option for you.
If you have been trading for at least 12 months there are lenders out there who will look at this and take the case into consideration. Even if you haven’t been trading for the full 12 months it is worth getting in touch. This way one of our expert advisors can line a deal up for you when you reach 12 months trading.
Also, if you have more than one years accounts, certain high street lenders will only look at latest years accounts. So if your income has increased for that year more than expected this can be used as the basis for your income. This is as opposed to using an average. However, if you are in between tax years, as long as it is more than 12 months, certain lenders will use an accountant’s projections for your estimated earnings.
If you are a sole trader your income is proved using SA302’s from the latest tax year. This will show your total income for that year and what you have available to use for the mortgage. It’s important you have the most up to date copy for your advisor so they know the best route for you.
If you are self-employed and looking to obtain a mortgage please get in touch on 01332 821 340 or freephone 0800 103 2655. Alternatively, fill in the contact form and we will get in touch.