Your own business,Your own home.
Running a business, contracting or working as a partner should not make borrowing harder, but lenders read accounts in very different ways. We know which will use retained profits, which will work from the latest year and which will accept a single year of trading.
How we help
We work with your accountant to present your income accurately, in the form each lender prefers.
Lenders that consider salary and dividends and those that will look at your share of net profit instead.
Day-rate contractors assessed on the contract rather than on accounts, where a lender offers this.
Options for those with one year of accounts, or a recent move from employment in the same field.
Profit share, drawings and capital accounts explained to lenders in their own terms.
Typical scenarios
Illustrative examples of the situations we are asked to help with. They are not accounts of individual clients.
A director who takes a modest salary and leaves most of the profit in the company.
We approach lenders that assess affordability on salary plus share of net profit, rather than on dividends drawn.A consultant who left employment eighteen months ago and has one full year of accounts.
We identify lenders that will accept a single year, particularly with a track record in the same profession.An IT contractor on a twelve-month contract that has been renewed several times.
We place the case with a lender that calculates income from the day rate.Frequently
asked questions
How many years of accounts do I need?
Most lenders prefer two or three years. Some will consider one, depending on your background and the strength of the figures.
Which income figure do lenders use?
It varies: some average recent years, some use the latest and some use the lower. For directors, some use salary and dividends and others salary and net profit.
Do I need a larger deposit?
Not usually. Self-employed applicants generally have access to the same products as employed applicants, provided income can be evidenced.
What documents will I need?
Typically tax calculations and tax year overviews from HMRC, or accounts prepared by a qualified accountant, together with bank statements.
What if my income fell last year?
Lenders will want to understand why. A fall does not rule out a mortgage, but it may affect how much can be borrowed.
Speak with us today
Tell us how you work and how you are paid. The first conversation is without obligation.
Your home may be repossessed if you do not keep up repayments on your mortgage. Lending is subject to status, lender criteria and individual circumstances.