Key Post: Documents needed for mortgage - Self Employed

[paulautolux]

what information does a bank or lending society ask for when applying for a mortgage?

I have only started a new business and am still in my first year, accounts are not fully up to date so should i put off looking for a loan?

title edited by ajapale

 

[Mollie]

Re: what info does a morgtage provider need? Self Employed

Usually a lender will look for 2 years audited accounts and confirmation that tax affairs are in order. However, as this is not possible they will want to see projected earnings along with evidence of back to back contracts lined up.

 

[BootDog]

Re: what info does a morgtage provider need? Self Employed

In my own recent case, they wanted 3 years worth of accounts, plus a confirmation of ongoing contracts.

They wanted certified accounts, didn't require audited (not yet at least). Difference is certified = signed off by accountant, based on info I gave him; audited = accountant does a bit of digging and independently verifies the details in the accounts - e.g. rings up your customers and verifies all your invoices and bills etc.

I'm sure they will talk to you, but don't expect to get too far without something to show them from an accountant.