1 Years Accounts Mortgage
Like many of the people that enquire with us, you might be reading this because you’ve been either refused a mortgage for not having enough trading history or you’re thinking of applying but aren’t sure what a lender will ask for. Either way it’s true to say that obtaining a mortgage with less than 2 years accounts can be very tricky.
However, there are increasing numbers of lenders who will consider you with one year’s accounts, and this is obviously where working with a company such as us, who will source the very best offers from all the lenders out there for you, works to your advantage.
Frequently Asked Questions
- Limited company directors only trading for just 9 – 12 months
- Sole traders only trading for just 9 – 12 months
- Established businesses recently limited / changed trading style
- Contractors working for less than 12 months
- 9 – 12 months self-employed with bad credit
At least 9 months, although you will have more options if you can show a full 12 months.
Yes, some lenders will now consider you with just 9 months, however you will likely get more and better options if you can wait until the full 12 months.
Although there are factors to consider, such as the reason for your bad credit and your most recent credit history, you may find that there are lenders willing to consider you – especially if you can provide a larger than average deposit.
If you haven’t completed a tax return for your first year then it’s unlikely you’ll be considered by most lenders. That being said, there are a couple of specialist lenders that can consider a mortgage without you having finished your first year trading. Most will look for you to be at least 9 months into your year though, and with accounts prepared or being prepared.
With mortgages for those who have been self employed less than 2 years, the same rules apply as if trading for 1 year, as there would only be 1 set of accounts available. Although it used to be difficult to get a mortgage with less than 3 year’s accounts, there are now thankfully much more options available in the market place.
