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Experience has taught us that the self employed sector appreciate the opportunity to base their mortgage borrowing on their latest set of accounts.  One major lender, a couple of building societies and one non-high street PLC lender currently offer this solution.

 

If your income has increased by 25% or less from your penultimate year to your latest year’s accounts, I would not expect the lender to ask for further documentation or particularly challenging questions.

 

If your income has increased by more than 25% over that period, you want a high street solution, and you require lending above 4 times your income, then I would advise an accountants projection plus a written explanation for such an increase be prepared, the decision to lend will be at the underwriters discretion, but it can be achieved for the right case.

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Austin Degge


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