Amor Financial Services
free advice available

I have just set up my own business; will I still be able to get a mortgage?

Share on facebook
Share on twitter
Share on linkedin

I have just set up my own business; will I still be able to get a mortgage?

To get a mortgage you have to prove your earnings. If you're employed, that's easy: you just have to hand over your last three payslips. If you're self-employed, your company accounts will demonstrate your earnings. But if you've only just set-up on your own you won't yet have any accounts for your business. Proving your earnings if you have just set up working for yourself isn't easy, so the answer to this question isn't easy.

Amor Financial are based in the heart of Tunbridge Wells and offer mortgage services throughout Kent & Sussex 

Demonstrating trading history

In some cases, you may be able to satisfy mortgage lenders that you will have a reliable income. A good example of this is if you have been contracting and decide to become self-employed, taking a lot of your clients with you. If you can show a history of your relationships with your clients and that you have work coming in from them now and projecting into the future, some lenders may be willing to offer you a mortgage.

If you have no trading history

If you have no relevant trading history – for example if you have left paid employment to set up your own business either as a sole trader or limited company – lenders will want to see at least one year of company accounts. This obviously means waiting until you can apply for a mortgage – but using this time to make your business as successful as possible will put you in the strongest position when you do come to apply for a mortgage in a few months.

Making your mortgage easy

Book a no-obligation initial consultation

Need some help?
01892 251983