Is it possible for me to get a mortgage with one year account

1. Is it possible for me to get a mortgage with one year account? Obtaining a mortgage with one-year accounts is no longer a difficulty. Many lenders are willing to work with self-employed people if they can prove their income with a few documents. Some will even allow users who just present had their accounts for a year. Is it possible to get a mortgage after only one year of self-employment? Your income informs the lender on how much money to lend you. If you have regular work, establishing your income, the gig becomes as simple as providing a few paystubs and bam! You have your mortgage application approved. Your monthly income as a self-employed person can vary, and there's no straightforward method to illustrate how much you make. Lenders will calculate an average based on your accounts and tax forms, which is why you frequently require two years' worth of accounts or more. However, if your company hasn't been around for long, only a handful of lenders will accept an application for a mortgage with one-year accounts. Some may even require 9-10 months' worth of financial documents, but your business must be profitable. How much money can I borrow? Based on your annual salary, lenders determine how much you can borrow. Although the sum maybe four to five times your annual earnings, each lender is unique! This is where we can help! We'll work with you to make sure the monthly payments are manageable, as your house is at risk if you fall behind. The greatest recommendation is to speak with a mortgage broker in London who is good with one-year accounts application. With only one year's worth of accounts, how can I prove my income? When you only have one year's worth of records, the approach is the same as when you have two or more. It's a simple matter of sharing a few documents, one of which is a set of accounts certified by a skilled accountant. Your self-assessment tax return (SA302) detailing your annual earnings, or your Tax Year Overview and Tax Calculations, will be required. Your credit score will also be considered by lenders. If you've had credit troubles in the last six years, finding a lender may be more difficult, and you may face higher interest rates. Low-level problems, such as a single missing credit card payment, might not be a problem. What kind of deposit will I require? The minimal deposit is 5% of the property value, although this is a costly and dangerous method of borrowing. You'll obtain better rates and a wider range of lenders if you can put down 15% or more. Is it possible to get help buying a home as a self-employed person with one year of accounts? Possibly. Help to Buy initiatives were introduced by the government to assist people in getting on the property ladder, and they primarily apply to new construction properties. With an Equity Loan, you can buy a home with just a 5% deposit and a government-backed interest-free loan (for the first five years). You can put down a deposit of up to 25% with this loan (45 percent in London). You part-rent and part-buy a home through Shared Ownership. Self-employed borrowers, including those having only one year's accounts, are eligible for both of aforesaid ‘Help to Buy schemes’.

2. What can a mortgage broker do for you? We here at Kevin Sewell Mortgages, take the stress out of the mortgage hunt. We check into hundreds of mortgage options on your behalf, including both main street and specialised lenders. Many self-employed people have benefited from our mortgage help in achieving their property aspirations. We take the burden out of the process by obtaining an Agreement in Principle, assisting with document identification, and assisting with the mortgage application. Hire us as your brokers for a mortgage with one-year accounts and you can sit back and relax while we find the best deal for you.