Lenders who will take one year of accounts

HexusOdy

Hi Guys,

I was wondering if anyone knows which lenders will offer a mortgage to a self employed person with one year of accounts?

I set up a limited company in October 2012 with a former colleague and we are contracted to work exclusively for a German company with a healthy fixed retainer.

I had an AIP with Leeds Building Society but apparently they changed their criteria to 1 year and 3 months of accounts, and last Monday it went up to 2 years minimum. So they are no longer an option, even though I'm only borrowing £65,000 which is 26% LTV.

I understand Saffron Building Society will lend on 1 year but their rates are high. And of course I know of Kensington, but they only work through brokers. These are all options I will try, but does anyone know of any more so I know all my options?

GMS

Speak to a broker.

There are possible options for you.

You are not a standard case so chasing rates isn't going to help. If a lender had a rate of 1% but wouldn't lend to you then you can't decide a rate of (for example) 3% from a lender who will is too high.

ACG

Saffrons or any lenders rates are not high really when you consider that they are offering you a mortgage on one years accounts - you could have done something which saturates a market and then your profit falls off in a year or 2.

Your very limited on options with one years accounts. Sometimes that does mean paying a higher rate until you fit in with high street lenders criteria.

amnblog

If you don't like the rate - you can always wait.

ethank

1 years accounts? working exclusively for a foreign company? Newly setup company?

Do you know how risky this sounds to a lender? The more the risk, the more they want rewarding for taking it.