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SMRX
Posts: 13 Forumite
Hi Everyone,
I would like some advice on how to go abouts buying a first property whilst being self employed with less than a year's worth of trading. Speaking to friends and family, i am being told i have to have atleast 2 years worth of accounts. Does anyone have experience in a similar situation?
I would like some advice on how to go abouts buying a first property whilst being self employed with less than a year's worth of trading. Speaking to friends and family, i am being told i have to have atleast 2 years worth of accounts. Does anyone have experience in a similar situation?
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Comments
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It'll be v tricky getting one without 2-3 years trading. Given the proportion of businesses that cease within this timescale it's no wonder.0
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A minimum of a year will see a small number of lenders open to you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Aldermore take a year’s I think. You’ll still need your SA302 form from HMRC and certified accounts.
A lot of people don’t bother to claim a lot of their expenses to give a higher profit figure, which means you get hammered for tax for a year.0 -
My husband is a contractor, we got a fairly substantial mortgage with Halifax and all they required was proof of hourly rate, his books were never looked at0
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This isn’t bad timing, actually. Interest rates are likely to rise from November.
Some lenders might give you a mortgage with a year’s accounts. If you can fix that rate for 2 or 5 years, when it comes to remortgaging you’ll have more history and accounts and will be able to get the top deals at the time. Might well end up paying the same rate of interest now too, as ‘punishment’ for only having a year’s accounts and only being able to use certain lenders, so might be no big jump in payments when you come to remortgage.0
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