Updated: Feb 12, 2021
You most likely won’t be able to apply for a mortgage if you haven’t filled out a tax return for your first year of trading. That’s because from a lender’s perspective, you don’t have acceptable evidence of your income yet.
Without a first year’s tax return to analyse, lenders can’t really judge your affordability – even if you’ve had a brilliant first few months working for yourself. So you’ll need to be patient.
If you’re self-employed, a healthy deposit will boost your chances of securing a mortgage. Lenders look at your loan to value ratio (LTV) to help them decide whether to lend to you or not. The higher
Lenders will look at your share of the company’s profits if you’re in a partnership, so they can establish how much money you make – rather than how much money you and your partner make together. You’
If you want to improve your chances of being accepted for a mortgage, you should apply for a Decision In Principle (DIP), also known as a mortgage in principle. These are statements you’ll get from ei