Starting your own business is a big step and getting a mortgage shortly after can feel even harder.
When this client approached us, they had been self-employed for just over a year and were keen to purchase their first home. Like many business owners in the early stages, their income was strong but their accounts history was limited. Unfortunately, most high street lenders prefer to see at least two or even three years of accounts, and they had already been told this would likely be an issue.
They were concerned that they would have to delay their plans for several years.
Instead of focusing purely on the length of trading history, we looked at the strength and consistency of the business, including current contracts, bank statements, and future pipeline. By presenting a full picture of the client’s income and sustainability, we were able to approach lenders who take a more flexible view on self-employed applicants.
We identified a lender happy to consider applicants with just one year of accounts, provided the case was structured correctly.
The result was a successful mortgage offer, allowing the client to move forward without delay and secure their new home much sooner than they thought possible.