| Property | Three-bedroom semi-detached house |
|---|---|
| Location | Caversham, Reading |
| Client | Self-employed IT contractor, 14 months trading |
| Product | Self-employed mortgages |
The challenge
The client had left a permanent role to contract through his own limited company a year earlier. Most lenders he approached asked for two or three years' accounts, which would have meant waiting another year to buy.
What we did
We found lenders that accept one year's accounts, and some that assess contractors on their day rate. We compared both approaches and chose the one that gave the stronger, more sustainable result. We gathered his contract, accounts, tax calculation and previous employment history in the same field.
The outcome
The mortgage was approved at 80% loan to value, allowing the purchase to go ahead without waiting for a second year's figures.
Self-employed mortgagesMortgages for sole traders, company directors, contractors and partners with variable or complex income.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.