Mortgages with one year’s accounts
Most lenders want two or more years of figures from the self-employed, so plenty of people think they have to wait. You don’t always. Some lenders will lend on one full year, and a few will use your latest year when it’s much better than the one before.
← Self-employed mortgagesSelf-employed · One year’s accounts
- Specialist self-employed mortgage advisors
- CeMAP qualified
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Self-employed mortgage calculator
What could you borrow?
Complete a few basic details to get an idea of the maximum mortgage lenders could offer on your figures. Only one year so far? Leave the year before blank.
How you work
Your net profit
From your tax calculations (SA302s) or accounts.
Only one year so far? Leave the year before blank.
Other income optional
A job as well, a pension, benefits, maintenance or rental income.
This is a guide, not a mortgage offer. Whether you qualify, and how much you could borrow, depends on each lender’s criteria, your credit history, your outgoings, your deposit and the property. We’ll confirm a real figure with you before anything is applied for.
Two situations
When one year can be enough
This applies whether you’re a sole trader, a freelancer or a company director, as directors of their own company are treated as self-employed too.
You’ve only been trading for a year
It’s a myth that you can’t get a mortgage until you have two full years of income. A limited number of lenders will lend on one year’s final, full figures.
They’ll want a good reason to work from one year. The strongest is that you’re self-employed in the same field you were employed in before. It helps to give details of that job and what you earned, and sometimes proof of it, so the lender can see you know the industry and that the business will keep growing.
Your latest year is much better
You might have two years of figures, but the first was held down by start-up costs, with a lot of outlay set against tax. The average of the two then undersells what you earn now.
A few lenders will use your latest year on its own, treated like an average. A modest rise needs only a short explanation. A big jump needs a full one, and the lender will want to be sure it will last.
Want to see if you’d qualify with one year?
A CeMAP-qualified advisor will look at your figures and your background and tell you which lenders could help. There’s no obligation.
Worked examples
How much the latest year can matter
A modest rise
A big jump
Illustrations at the top of the usual range. The multiple a lender uses depends on your loan to value, credit history and outgoings.
Need to borrow more than your average shows?
If your latest year tells the real story, we’ll tell you which lenders could use it and how to explain it.
Ben At Barrett Mortgages
Ben at Barrett Mortgages was unbelievably helpful and patient with this first time mortgage novice. Would highly recommend these guys. Well versed in working with freelancers.
Darren Was On Point
My wife and I recently used Darren at Barrett Mortgages and I couldn't recommend them highly enough. We're first time buyers so knew very little about the process and Darren always took the time to answer any of our questions and everyone at Barrett was super helpful. We didn't think it would be possible to get a mortgage as I'm a freelance musician but they were able to get us a brilliant deal. Would highly recommend Darren and the team for anyone needing a mortgage.
Barrett Mortgages Were Fantastic
Barrett Mortgages were fantastic at getting us the best mortgage deal possible and our circumstances were very complicated with my husband being self-employed. Despite this they didn’t give up, and kept us well informed throughout the whole process. Nothing was too much trouble from start to finish. We will definitely be using this company again in the future and recommend to anyone looking for a mortgage broker. You will not be disappointed. Fantastic service, special thanks goes to Ben.
One year’s accounts: your questions
Can I get a mortgage with one year’s accounts?
What counts as one year’s figures?
My first year was low because of start-up costs. Will that count against me?
Does this work for company directors?
What helps my case?
Only one year of figures?
Leave your name and number and a CeMAP-qualified advisor will call you back. We’ll tell you whether one year, or your latest year, could work for you, and which lenders to go to.
Darren, Beth, Ben & JakeSpecialist self-employed mortgage advisors in Poole
- Rated 5.0 from 160+ Google reviews
- Calls answered in 22 seconds on average
- Open Monday to Saturday, 9am to 5pm