SELF-EMPLOYED MORTGAGE 2 YEARS ACCOUNTS

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

You CAN get a mortgage with two years worth of accounts! Since we are specialised mortgage brokers, we have access to lenders who will definitely take this into consideration -remember “if we can’t help it’s not possible."

If you have only recently started submitting taxes, getting a mortgage where you are liable for your own taxes might be very challenging. Those that fit into the following categories are included, and if you do, we recommend you obtain the appropriate professional guidance before applying for a mortgage. Yet, it is possible, by just consulting with one of our mortgage brokers who are knowledgeable about the market.

What lenders seek:

Sole Traders

If you are a sole trader, you will "typically" require at least three years of trading before you can apply for a mortgage on the high street. These lenders will also average this income, so when there are considerable increases, it will have a big impact on the amount of mortgage you qualify for. But we have contacts with lenders who will consider just the most recent accounts you have provided to HMRC.

Limited companies

If you hold more than 25% of the company as a director of a limited company, you will be regarded as self-employed.

If you apply on the high street, your limited company must typically have been incorporated for three years and have at least two years of certified financial statements. You might find it difficult to obtain a mortgage on the high street if you have less than this. Your income is typically averaged, just like with sole traders, which might significantly affect your ability to pay.

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Gross earnings support

We can find your mortgage quotes based on your gross earnings. We can assist in determining your accurate earnings calculation.

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Rolling contracts advice

We can support you with rolling contracts. Our mortgage brokers have significant expertise in supporting this type of contract.

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Gaps between contracts?

We can help, whether this is for career breaks or difficulty securing simultaneous contracts.

BUT DON'T WORRY THERE ARE OTHER OPTIONS!

You will have trouble getting credit on the High Street if you can only present one year's worth of accounts since you lack the history to give these lenders the reliable income they require. But this does not mean you cannot get a mortgage - give one of our brokers a call. We specialise in people who have only been self-employed and trading for 2 years and with just 2 year's accounts.

 

Remember "if we can't help it's not possible."

MORTGAGE WITH 2 YEARS ACCOUNTS FAQs

Mortgage Brokers at ams: are experienced professionals who will work hard with lenders that are willing to provide mortgages for self-employed professionals. This is the case even where you have only been trading for two years and have limited financial history and supporting accounts.

Do self-employed people find it more difficult to receive mortgage offers?

Obtaining a mortgage when you are self-employed can be more challenging; nonetheless, there are now more options than was previously the case. The procedure has intricacies due to the requirement to provide evidence demonstrating a consistency of earnings and the capability of fulfilling the repayments needed monthly. It may seem challenging, yet all is not lost! The expert team at ams: specialises in supporting self-employed professionals to be given mortgage offers that meet their unique circumstances. For further details also visit our self-employed mortgages offering.

Is it possible to receive a mortgage while being self-employed for just two years?

Yes, but it is important to note mortgage lenders will follow their own criteria and standards, so not all of them may accept your application. Fortunately, we have access to a range of premium-quality lenders, which are likely to view an application for a mortgage with 2 years of accounts more favourably and give the green light to your two years self-employed mortgage application.

What is the minimum amount of self-employment time necessary before a mortgage can be obtained?

This naturally varies from lender to lender. Mortgage lenders tend to ask for evidence of earnings from self-employment work for at least 2-3 years. Nevertheless, certain lenders might be amenable to giving out a loan with only one year of evidence. Our team has access to a selection of more accommodating lenders, where two years of accounts at the required earnings level is highly likely to lead to a mortgage offer.

What is the required deposit to apply for a mortgage with 2 years of accounts?

To increase your prospects of obtaining a mortgage, it is advisable to apply with a deposit of 5-10%. Moreover, you should bear in mind that credit scores will also be considered and also the amount of the mortgage loan being advanced.

What evidence of earnings is required to obtain a self-employed mortgage with 2 years accounts?

If you are self-employed and applying for a mortgage, you must be able to demonstrate your income. To assist you in this process, our blog article “demonstrating earnings from self-employment” is a worthwhile read.

Some ways to evidence earnings for your self-employed mortgage with 2 years accounts application are:

  • Supply of your annual approved financial statements and accounts
  • Obtaining a testimonial, vouching for your income, completed by your accountant
  • Submission of an SA302 form (which also includes the supply of your tax returns)
  • Two (or more) years of business bank statements
  • Additionally, lenders may value and consider evidence of future earnings, such as contracts, invoices, and purchase orders

What if there are gaps or seasonality in my earnings over two years when applying for a mortgage?

If there are gaps or seasonality in your two years earnings when applying for a mortgage with 2 years of accounts, it can make it more difficult to qualify for the loan. Lenders look for a steady income over time to demonstrate the ability to repay the loan. However, lenders may consider other factors such as your overall creditworthiness and your ability to provide documentation that explains the gaps or seasonality in your earnings. Again, here at ams: we have access to mortgage providers with a more flexible approach, that takes income seasonality, bonuses (e.g., quarterly, bi-annually, or annually) and gaps in income as part of an overall picture.

MORTGAGE CALCULATOR

HOW MUCH CAN YOU BORROW?

As a guide, you could potentially borrow around:

The figure above is calculated based around current lender criteria and may not be representative of the actual figure you may be able to borrow.

Want to find out more? Call 0121 4000 052

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"

TALK TO THE MORTGAGE EXPERTS

WHY YOU SHOULD CHOOSE AMS

We’ve helped many people across the UK secure mortgages, whether they are a foster carer, contractor or someone who has been refused on the high street.

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"IF WE CAN’T HELP
IT’S NOT POSSIBLE"

We have expert brokers on hand to help you every step of the way, you will find that if we cant help at ams: then generally it’s not possible!

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MORTGAGE HELP & ADVICE

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