Most mortgage lenders will want to see at least 2 years trading figures from self employed applicants. There are some which may accept 1 year but they are likely to charge a higher interest rate as this would be perceived to be a higher risk. 2nd mortgage lenders tend to be more accommodating and can accept applicants with 6 months actual figures that can be projected up to 1 year.
Several 2nd mortgage lenders have developed bespoke self-employed secured loan products and although the rates charged may be higher than standard 2nd mortgages, these loans can be very helpful to someone who has recently started their own business. Proof of income will always be important so make sure you can provide your accountant with trading figures. Talk to a loan Adviser to find out how we can help.
If you are a contract or agency worker you may technically be self employed. However unlike someone starting from scratch in a new business you are likely to have a track record and income receipts in the same line of work but with different firms. If we can demonstrate that track record to a lender, accounts or projections may not be required.
Click here to find out more about self employed secured loans