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:
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.
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.