Self-Employed Mortgages with One Year’s Accounts
Your business has completed its first year, and you are ready to think about buying a home. Do you need to wait until you have more accounts? Not necessarily. Some lenders consider applicants with one year’s trading history, subject to their criteria.
We help you explore self-employed mortgages with one year’s accounts, with a realistic assessment of your options before you apply.
- Free initial consultation
- Help identifying lenders that consider shorter trading histories
- Guidance on preparing evidence from your first year
Check Whether Your First Year Is Enough with BMFC
Tell us when you started trading and which completed accounts or tax records are available. We review those figures alongside current trading and your wider finances, then explore lenders whose criteria may accept a shorter history.
Our advisers in Peterborough explain the borrowing and deposit restrictions that may apply and help prepare the supporting documents. You get a realistic comparison of applying now and waiting for a longer record, without assuming either route is automatically better.
A Few More Things to Consider
Explore the details that matter to your decision. If you would like to discuss your own circumstances, our advisers are here to help.
What Counts as One Year’s Income Evidence?
Lenders that accept a shorter trading history still need evidence of your earnings. Depending on your business structure, this may include finalised accounts or an SA302 tax calculation with a matching tax year overview.
Having traded for twelve months is not always the same as having a full year of accounts ready. We check how the lender’s requirements fit the records you have.
How Can I Show My Business Is Still Trading?
Recent business bank statements can help demonstrate that your first-year income is supported by ongoing trading. Relevant contracts or further information from your accountant may also be requested.
If you have changed from sole trader to limited company, tell us about the earlier business history. Its treatment depends on the lender, so incorporation does not automatically mean every lender will assess you as a new business.
How Much Can I Borrow and What Deposit Will I Need?
There is no universal deposit requirement or income multiple for a mortgage with one year’s accounts. A shorter trading history may restrict the lenders and loan-to-value options available.
Your borrowing also depends on the income the lender accepts, your regular spending and credit history. We assess these together rather than estimating your mortgage from turnover alone.
For a broader explanation of income assessments, visit our self-employed mortgages page.
One Year of Accounts? Start with a Conversation
Tell us how long you have been trading and which documents are available. Our team will help you understand whether you could apply now and what to prepare next.
Your home may be repossessed if you do not keep up repayments on your mortgage.
01733 331 603
01223 987422