If you run your own business, work as a freelancer, or act as a limited company director, you know that applying for a mortgage can be very frustrating. High street banks often prefer the simplicity of standard PAYE pay slips. They can quickly decline self-employed applicants who do not meet their strict criteria.
At LPR Mortgages, we understand that your income might change or that your accounts might be set up to minimise tax instead of maximise personal borrowing. We offer impartial, straightforward advice for self-employed workers across Rugby and Warwickshire. We help you secure the right residential mortgage to buy your home or remortgage your current property.
Mortgages Tailored to Your Business Structure
Lenders evaluate self-employed income in different ways depending on how your business is set up. As an impartial broker, we know which lenders prefer which business types. We can help you whether you are a:
Sole Trader or Freelancer: We look for lenders who will evaluate your net profit accurately.
Limited Company Director: Many standard banks only consider your basic salary and dividends. We work with specialist lenders who can also factor in your retained business profits, which can significantly increase your borrowing power.
Day-Rate Contractor: We know that providing years of accounts is not always possible. We can find lenders who will base their affordability checks solely on your current daily rate.
Can I Get a Mortgage with Only 1 Year of Accounts?
A common misconception is that you need three full years of audited accounts to be considered for a mortgage. While having more history gives you a better choice of lenders, it is not mandatory.
We partner with various specialist lenders who are comfortable approving mortgages for business owners with only one year of trading history, as long as we can show that your business is sustainable and your income is steady.
What Documents Will I Need?
Preparing your paperwork early is crucial for a smooth application. While requirements differ among lenders, we often need to review:
• SA302 Forms and Tax Year Overviews (usually from the last 1 to 2 years).
• Finalised Accounts: Prepared by a certified accountant.
• Business Bank Statements: To demonstrate healthy cash flow.
• Your Deposit Proof: Showing where your deposit funds are currently held.
Don’t worry if you don’t have all this information ready. During your initial consultation, we will explain exactly what you need to request from your accountant or HMRC.
Why Choose LPR Mortgages?
Getting a mortgage when you are self-employed requires human understanding, not just a computer algorithm. We take the time to sit down with you, review your accounts, and build a strong case for the right underwriter. We focus on building trusted, long-term relationships so you can concentrate on running your business while we manage the mortgage process.
Let’s Secure Your Next Home
Stop worrying about whether high street banks will approve you. Let us find the specialist lender who understands your business.
Book Your Free Consultation Today
Location
12 William Eccles Close, Houlton, Rugby, Warwickshire, CV23 1FB
Call Us
07568 091968
Email Us
lloyd@lprmortgages.co.uk
