FAQ's

Most lenders prefer two full years of accounts. However, this does not mean one year accounts are impossible.

A reduction in income does not automatically mean you cannot get a mortgage. Lenders will want to understand the reason why.

Not necessarily. If your income is well evidenced and fits a lender’s criteria, you can often access the same rates as employed borrowers. Higher rates usually arise only when applications are forced into unsuitable lenders or specialist products unnecessarily.

Yes, in some cases. This depends on business stability, income strength and lender criteria.

Yes, many lenders will ask for business bank statements to confirm trading activity and income consistency, especially where accounts are recent or income is variable.

With the right lender, yes. Some lenders will consider retained profits as part of affordability for limited company directors, particularly where profits are sustainable and accessible.

Yes. Many self-employed people have fluctuating income. Lenders are more concerned with overall sustainability and average income than monthly consistency.

This depends on the type, age and severity of the credit issues. Some lenders are more flexible than others, particularly where income and deposit are strong.

Not always. Many self-employed borrowers can access high loan to value mortgages, depending on income strength and lender choice.

Yes. Remortgaging as a self-employed borrower follows a similar process to buying, although lender documentation requirements still apply.

Some lenders average income over two years, while others use the most recent year or take the lower figure. This varies by lender.

Yes. Lenders will usually assess your share of income and ownership, although additional documentation may be required.

It can take slightly longer due to additional document checks, but a well prepared application often progresses smoothly.