This question has been put to me many times.
Will I have to wait until I have three years business accounts, just over a year ago I became self – employed. However it now feels like the right time to buy my first home in Wolverhampton and I don’t want to wait. I don’t really want to go back to being an employee just to get a mortgage. My friends all have different opinions about whether I can obtain a mortgage or not.
Yes you can obtain a mortgage when you are self – employed by providing just one year’s proof of income. There are lenders out in the market place but of course only a small number. The rates will not be quite as competitive as a mainstream mortgage product because the lender is taking on more of a risk with the self – employed person.
If you have two years plus business accounts then you will have more choice and highly competitive mortgage products, subject to your credit profile and the nature of your self – employed status.
If you like a free consultation and a professional recommendation on the best mortgage for you call Paul on 01902 213201