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Self employed mortgage 1 year accounts
Cheesecake67
Posts: 15 Forumite
I am self employed 3 years, first year profit 16000 second year profit 20000 third year profit 410000. I want to get a mortgage for 180000. Is this going to be possible or will I need to have two years at 41000?
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Comments
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Depends on the Lender you use, speak to a good Mortgage Broker. Some Lenders will work on latest year's figures.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.1 -
4.5x income on latest years figures should be possible. But is dependent on the rest of yoru situation (age, commitments, family etc).
As above, speak to a decent broker and they will be able to guide you.I am a Mortgage AdviserYou 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.1 -
I go home with 100k (after taxes and all), I'm borrowing 175k over 20years period. Wasn't a problem for HSBC. Two year accounting requirement. Your business is clearly doubling every year, can't see why they'll accept mine and not yours (assuming you have good credit)
I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.MFWB 2026 #44.Mortgage debt start date = 11/2024 = 175k (5.19% interest rate, 20 year term)- Q4/2024 = 139.3k (5.19% -> 4.94%)
- Q1/2025 = 125.3k (4.94% -> 4.69%)
- Q2/2025 = 108.9K (4.69% -> 4.44%)
- Q3/2025 = 92.2k (4.44% -> 4.19%)
- Q4/2025 = 48k (4.19% -> ??)
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