Can you get a mortgage with 1 years of accounts? – YES you can! As specialist mortgage brokers, we have access to lenders who will certainly consider – remember “if we can’t help it’s not possible."
It can be extremely difficult to get a mortgage where you are responsible for your own tax particularly if you have only been doing this for a short amount of time. This includes people who fall into the categories below and where you do, you should definitely seek the right advice when applying for a mortgage. But simply by speaking to a broker who understands the market we can make it work.
What lenders look for:
1) Sole traders
If you operate as a sole trader, you will 'usually' need at least 3 years trading to apply for a mortgage on the high street. These lenders will also average this income so where big increases apply, there will be a significant impact on how much mortgage you can get.
However, we have access to lenders who will work on your latest years accounts submitted to HMRC.
2) Limited liability companies
If you are a Limited Company Director, you will be treated as self-employed if you own more than 25% of the business.
If you apply on the high street generally your limited company usually needs to have been incorporated for 3 years with at least 2 years of certified accounts. If you have less than this, you may struggle to get a mortgage on the high street. As with sole traders, your income is also usually averaged, so can really impact your affordability.