One Year Accounts Mortgage

Pingwhite

I am a first time buyer with a 25% deposit but only have one years accounts (SA302)

Can anyone recommend a lender who may be able to help me?

ACG

You will probably need a broker.

There are not many lenders, the main one i can think of off the top of my head only deals with brokers.

8-of-us

We are currently facing this, we are short of 2 yrs accounts by 3 months (although employment record go up to the date of becoming self-employed so no loss of earnings in between)
We are trying a broker who said yes, and found a few companies that would do us a 2yr fixed deal....however, when we've come to fill everything in those 3 months are causing a lot of stress and looks like we wont be able to proceed with the house we offered on any more.

Find a couple of brokers, your EA should be able to suggest some if you ask. But make sure they really listen to what you have to say.

Good luck

ACG

No no noooo!
Avoid the estate agent based broker!

There should be no reason for those 3 months to be causing any stress. Your broker should have run the financials by the lender before applying. It should be all plain sailing once a lender has been found - assuming all the information given by the client to the broker and the broker to the lender is correct.

8-of-us

ACG wrote: »

No no noooo!
Avoid the estate agent based broker!

There should be no reason for those 3 months to be causing any stress. Your broker should have run the financials by the lender before applying. It should be all plain sailing once a lender has been found - assuming all the information given by the client to the broker and the broker to the lender is correct.

Thanks for the reply (sorry for thread crashing)
Why do you say avoid them?

ACG

They are employed by the estate agent not the broker. Massive potential conflict of interest here.

Once they know what you can afford, can you be 100% confident they will not be disclosing that to the agents? If they do, will it impact on any price negotiations?

Also, depending on the agency they may have targets or there is a certain large chain which only has a panel of lenders - they are not whole of market.

Im sure there are other reasons but the first one is the main one.

amnblog

Use a broker who is not connected to the estate agent and is experienced with self employed mortgages.

There are lenders that will work with one years accounts, but these accounts must be fully completed and you may well be asked for a projection for the second year's trading.