1 Year Accounts Self Employed Mortgage

arkenm

Does anybody have experience getting a mortgage with 1 full years accounts? I've been trying to get one on a shared ownership but it isn't easy. Even though I comfortably earn more than they need.

Super_Whiskey

2 years gives lenders a bit more certainty over what your true income is. 1 years accounts doesn't really tell them much. Was it a good year? Bad year? They can't be certain. With risk appetite close to rock bottom, lenders obviously view you as something of an unknown entity.

A mortgage broker might be better placed to advise you.

arkenm

It was a good year and it's getting better they can see my income rising and it will continue to do so.

kingstreet

Is it a newbuild?

What's the loan to value?

Sometimes there's more to just what you think is the headline issue and if you answer yes and 90%+ then the answer is there is no lender in the market for this until you have two years trading history.

arkenm

Yes it is a new build.

The LTV is bang on 90% was hoping there was somebody in the market for this.

kingstreet

There are only a handful of lenders for the business.

All have two year trading requirements off the top of my head.

Your broker could ring and ask the ones who would lend on newbuild shared ownership at 90%.

tazza81

Try a company called contractor morgages. I was in same situation and they got me a morgage with nationwide

Welshbigman

I'm in a similar situation, wife and me are 50-50 on limited company, both of us draw a wage, however I am also employed PAYE by another company. Our company has only been trading just over a year (so only 1 yrs accounts), there are companies out there that will accept accountants reference. We're currently crossing our fingers that the underwriters at Nationwide are happy with what we've presented. Nationwide only consider 1yr accounts for existing customers. I think TSB will look at 1yrs with an accountants reference