1st year self employed mortgage

leighwpenny

Has anyone successfully got a mortgage offer based on 1 year self assessment with Halifax?

info - first time buyer, now with 10% deposit, partner has 1 year self employed records

We are having issues with Mortgage advisers and beginning to loose all trust in them! The first one we engaged was positive told us we could borrow around 290k and would have no issue getting a mortgage offer, even with the first year accounts. (he was going to charge £499 on offer). He also never done an AIP and said they were pointless.

We put an offer on a house, and I then discovered through work we get free mortgage advice so went to them, to the find out the first advisor had got his affordability quite horribly wrong, so we were then told we would need to clear a personal loan we had before we would be accepted on affordability.

So we did this, and applied for AIP to then find out we would only be considered on a 90% LTV and not the 95% we were looking for (and told we could get). We worked out the other 5% deposit we needed and continued to application.

I have today received an email from our MA asking for 2 years of SA302 for my partner. We made it very very clear she had only 1 years worth of accounts on application and the point with got the AIP.

The valuation is booked for Friday and I am now convinced they will reject to offer due to only having 1 year accounts, something we made clear from the very start!!

ACG

As far as I am aware, you need a 25% deposit to get a case through on 1 years accounts with Halifax - I could be wrong though.

There are of course other lenders who will do 1 years accounts, the bigger your deposit the more options you will have. If you have experience in the industry it can also help give more options.

haras_nosirrah

I have done 90% with 1 yr accounts with halifax - have to be squeaky clean credit wise though

[Deleted User]

Halifax are a weird one. Apparently all 1 year accounts are supposed to be picked up by an underwriter to be looked at but ive put through 3 in the last 6 months that just sailed through without touching the sides. I did one at 95% a while back that went to offer subect to valuation on the day the application was submitted.

There are a few more lenders in the 1 year game. I think TSB are starting to claw a bit of this business as the bdm said they were happy to look at them now. Halifax are generally the go to lender though for 1 year accounts