Can I Get a Mortgage with One Year’s Accounts?
If you’re self-employed or a limited company director, you may be wondering: can I get a mortgage with only one year’s accounts? The short answer is yes – but it depends on your lender and your income profile.
Most high street lenders prefer two or more years of accounts to assess income stability. However, specialist lenders often accept a single year of accounts if they can see clearly that your business is growing, your latest accounts are strong and your tax filings are up to date.
Having a professional accountant prepare your accounts and gather supporting documents upfront can make a big difference in securing approval.
What Documents Do I Need for a Mortgage with One Year’s Accounts?
Even with just one year of accounts, lenders want a full picture of your finances. Typically, you’ll need:
- Company accounts (the latest financial year, ideally prepared by a qualified accountant)
- SA302s and tax overviews (showing income and tax paid)
- Business and personal bank statements (to demonstrate cash flow and affordability)
Being organised and submitting complete documents from the start reduces delays and increases your chances of approval.
How Do Lenders Assess Income with One Year’s Accounts?
Lenders calculate your borrowing power differently depending on your income structure:
- Salary plus dividends – common for limited company directors
- Net profit before or after tax – some lenders consider retained profits if your business is growing
- Latest year vs. average of two years – specialist lenders may prioritise the latest year if it’s stronger
Choosing the right lender is crucial to your application’s success. Our team specialises in helping the Self-Employed secure the right mortgage with the best possible terms.
How Much Can I Borrow with Only One Year of Accounts?
More than you’d think! With the right approach, we can present your case clearly to underwriters, highlight income growth and match you with lenders who accept one year of accounts. This can maximise your borrowing potential, even if you don’t have multiple years of accounts.
To learn more about New Wave’s mortgages for self-employed individuals with one year’s accounts, visit our One Year Trading History Mortgages page, or speak to one of our friendly self-employed mortgage specialists today; call 0203 794 5455 or drop us an email at hello@newwavefs.co.uk.
