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How to get a mortgage with just 1 year trading history
If your business has been trading for less than two years, then you’ll often be penalised or even worse declined for the mortgage amount you want.
Most high street banks and mortgage brokers get nervous when you approach them with only one year’s trading history.
This often leads to being mistakenly advised that you’ll need to provide two years trading history before you can apply for a mortgage. Your hopes of achieving a mortgage are over before they even got started.
Well don’t be dis-heartened, you’re about to witness the power of having a team of experts that specialise in mortgages with just one years’ trading history!
Our unique approach involves manually underwriting mortgages with common sense, without relying on credit scoring. This, along with our deep knowledge of mortgages with just one years’ figures brings solutions you never thought possible.
If you want to take advantage of getting a mortgage on high street rates without waiting another 12 months, then you’ve come to right place.
Our lenders love self-employed individuals with just one-year figures and with our strategic process your mortgage dreams are just a few clicks away.
What Lenders Look For With One Year of Accounts
A single year of trading narrows the range of lenders available, but it does not close the door. Lenders who will consider one year tend to weigh four things:
- Industry continuity — working in the same field you were previously employed in is the strongest single factor in your favour. It suggests the income has a foundation rather than starting from nothing.
- Quality of the evidence — accounts prepared by a qualified accountant carry more weight than self-prepared figures, and some lenders require them outright at this stage.
- How the year was affected by set-up costs — a first year distorted by start-up costs can often be presented as annualised or projected figures, with your accountant confirming the underlying position.
- Deposit size — a larger deposit offsets the shorter track record and widens the lenders willing to look at you, though it is not always required.
What lenders are not doing is applying a minimum turnover threshold. Affordability is assessed on net profit or day rate, so a modest but consistent first year can be perfectly workable.
If Your Business Structure Has Changed
Moving from sole trader to limited company partway through does not usually reset your trading history. Most lenders will look through the change in structure to the continuity of the underlying business activity, provided the work itself has carried on uninterrupted.
Once you have two or more years of accounts, our Sole Trader Mortgages page sets out how a longer trading history is assessed.
Why Work With Us
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Mortgages with One Years’ Trading Success Story
With just one year of trading history, Daniel and Emma secured their dream home thanks to our tailored approach. We matched them with a lender accepting their single year of income, avoiding the need for a larger deposit
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Here’s the SIX STEPS to GUARANTEE Self-Employed Mortgage SUCCESS
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Mortgages with 1 Years’ Trading
Our expert Callum says “only been trading for a year? No Problem! By choosing the right lender and positioning your application correctly, you’ll secure a mortgage without having to wait another year”.
Ask our Experts
Yes. If you are working in the same field you were previously employed in, lenders often view your industry experience as an indicator of income stability, even with limited trading accounts.
Not always, though some lenders may ask for a slightly larger deposit to offset the shorter track record. We will look for lenders who do not apply that penalty where possible.
That is common. We can often present projected or annualised figures alongside your accountant confirmation to show your underlying trading position rather than a first year skewed by one-off costs.
In some cases, yes. An accountant reference or SA302 alongside bank statements showing turnover can be enough for certain lenders while your formal accounts are being prepared.
There is no fixed threshold. It comes down to affordability based on your net profit or day rate rather than a specific turnover figure, so it is worth getting a personalised assessment rather than assuming you will not qualify.
Usually not, provided the business activity is continuous. Many lenders will look through the change in structure to the underlying trading history of the business itself.
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