SELF-EMPLOYED MORTGAGE 1 YEAR ACCOUNTS

Securing a mortgage loan when working for yourself is more demanding; irrespective, more possibilities are available now than for previous generations. It is a complex process as it necessitates proof of regular income and the ability to make ongoing monthly payments reliably.

Self-employed borrowers typically must provide more documentation to prove their income, and lenders may be more reluctant to approve them for a mortgage due to the additional risk of default. Additionally, lenders may require self-employed borrowers to have higher credit scores and larger down payments. It is a complex process, but not an insurmountable one. We have a great deal of expertise in helping the self-employed secure mortgages that fit their specific circumstances.

This is certainly possible. We must advise you to be aware that mortgage providers have distinct strategies and rules. So, you may find some lenders will not accept a mortgage request in circumstances where you have been working for yourself for 1 year. Fortunately, within our portfolio of premium mortgage lenders, there is a good chance that your mortgage application will be approved.

To enhance your likelihood of qualifying for a self-employed mortgage with 1 year accounts, you should opt for specialist lenders, have as high a deposit as possible (20%+), settle debts (where possible), show savings in both business and/or personal bank accounts whilst also maintaining a positive credit rating.

Many mortgage lenders will require proof of earnings of your self-employment that covers a two to three-year period. But there are some lenders that will provide a mortgage where you possess just one year's accounts, here at ams: we have access to these more flexibly minded lenders.

To improve the chances of getting an offer for a mortgage, ams: suggests that you save a minimum of a twenty percent deposit. Additionally, remember your current credit score is also a significant factor in the eventual success of your mortgage application. The usual rule applies, “the higher the deposit, the higher chance of a mortgage being approved”.

For advice and tips read our blog article – “Tips for saving a contractor mortgage deposit”.

To successfully secure a self-employed mortgage with 1 year accounts, providing evidence of income is essential. Why not read the ams: guide to verification of self-employment income, this will help in achieving evidence of income.

Methods to prove your earnings are:

• Annual accounts provision
• An accountant’s reference
• Invoices and bank statements
• Providing a proof of earnings SA302 form

Yes, rest assured our specialist lenders are regulated by the Financial Conduct Authority (FCA). They must adhere to FCA standards and regulations, which are designed to protect consumers and help ensure their safety when using specialist lenders.

Our specialist lenders are safe but are designed for challenging circumstances but are safe and credible. Our mortgage brokers have access to our portfolio of mortgage providers.