Set up your business in the last few years making money but still cant get a Mortgage? Well we can help.
Due to the economic situation many people have decided to form their own businesses rather than continue to trawl for employed work. The fallout has been a sharp rise in the number amount of clients who seek mortgages with a short self employment history. If the first year’s books have been completed we can certainly help. That’s right based on 1 year’s accounts we can arrange a mortgage. The key is the accounts are showing profit in the first year and the applicant can demonstrate that they will are likely to make more money in the next.
This flexibility is generally shown by high street lenders who tend to look for a minimum of two year’s accounts and more likely three before they will lend to you.
The good news I have access to a number of specialist lenders who will consider self-employed applicants with a 12 months’ accounts history together with a projection from their accountant. If accounts are not available SA302s will be considered.
We would also need to see the last 3 months’ business and personal bank statements to support the application.
The deposit will need to be between 25% to 20% depending on the lender.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
If you are self employed and have only got 1 year’s accounts and please call us on 020 7993 2044 so we can evaluate your mortgage options or alternatively complete the simple enquiry form on the top right hand side of this page