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During 2014 we have had plenty of success with mortgage lending based on one years self employed accounts.  Client’s who have only been trading for one year, or who have changed in status – for example from sole trader to Limited Company Director or who’s fortune has improved since the credit crunch have all found this mortgage lending policy very useful….

We are able to provide a Buy to Let mortgage where an employed or self employed income does not need to be declared or proven on the mortgage application form.  You will need to declare an income to us as brokers as part of the fact find process we complete before helping you decide which…

Mortgage lending based on your Limited Company net profit is still proving to be a great way to get your mortgage and remain tax efficient.  I know of three lenders now that will lend on your strongest combination of salary, dividends and net profit, in some cases we are able to lend on all three. For example…

Since the Mortgage Market review (MMR) in April this year, I have had several client’s successfully borrow up to 90% of the value of their homes with two different mortgage lenders with just one years accounts.  The proof of income required is either a set of finalised accounts or an SA302 from HMRC.  One mortgage lender asked…

Help to Buy I & II Schemes Help to Buy is a government scheme which could make getting on to, or moving up, the housing ladder more accessible.  It helps existing home owners and first time buyers purchase a home with as little as 5% deposit. There are two ways to purchase a property up…

Sub Contractors, Fixed/short term contracts and Agency workers Mortgage Applications will be considered from the above employment types if you have a current continuous employment of 12 months or more with 6 months of the contract remaining or if you have 2 years continuous service in the same type of employment. Evidence of your employment track record may be…

If you have a year’s figures which you feel distort your accounts I would still recommend calling us.  Each lender underwrites the self employed in a different manner, and our knowledge will help you get closer to your mortgage goal.  Projections and adjustments can also help to undo a poor years’ accounts.

I put a blog post on this site earlier this year surrounding mortgage lending for Contractors.  The jist of the article was that you needed to prove a 12 month history of working on a contract basis, recently we have had contractors with just 7 or 8 months history agreed, you will need a minimum…

Lending based on the latest years figures has also improved in price as more lenders are entering this area.   Several mortgage lenders now lend based on the last years accounts rather than the average of the last 2 or 3 years income figures.   The key to this policy is having accounts or tax…

The last commentary I made with reference to those self employed with one years accounts was that mortgage lending was capped at 75% LTV (Loan to Value), I have now successfully mortgaged several clients at 90% LTV for purchase transactions.  The number of lenders able to do this is still very restricted but lets hope…

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