Weekly update content – The Lowdown on the Self-Employed: We like to make working with us as easy as possible– helpful info and advice that highlights how we do business and makes your life easier.
This week we’re looking into our lending criteria for the self-employed. That way, the next time you’ve got a freelancer, sole trader or contractor looking for a mortgage, you’ll know exactly how we do business.
When it comes to self-employed, did you know:
- We will consider using 2019/20 accounts for applicants whose most recent accounts have been impacted by Covid if their last 3 months business bank statements show a return to a similar level of turnover (speak to a BDM before submitting an application)
- We will accept one years’ trading and use their latest year’s figures without averaging, even at 85% LTV
- We will use their share of profit before tax plus their salary for affordability
- Can accept accounts or SA302 as proof of income
- Base contractors’ annual income on 48 weeks a year (12 months previous experience with minimum contract term remaining)
