Self Employed Mortgages Plymouth: Helping a Self-Employed Applicant Secure a Mortgage with Only One Year’s Accounts

Finding a mortgage solution for a newly self-employed applicant in Plymouth

Becoming self-employed can open up exciting opportunities, but it can also create challenges when applying for a mortgage. Many self-employed applicants worry that having limited trading history or only one year of accounts will prevent them from getting onto the property ladder.

This was the situation faced by one of our clients in Plymouth, who approached us after being concerned that their self-employed status and limited accounts history could make obtaining a mortgage more difficult.

Our role was to understand their circumstances, review the available options, and find a mortgage solution that suited their situation.

The client’s circumstances

Our client was self-employed and looking to purchase a property in Plymouth.

Their situation included:
• A newly established self-employed business
• Only one full year of accounts available
• A reliable income from their business activity
• A clear plan for future growth
• A desire to purchase their own home rather than continue renting

The main challenge was that many lenders prefer applicants to have two or more years of self-employed accounts. However, having only one year of accounts does not automatically mean a mortgage is impossible.

Understanding the self-employed mortgage process

The first step was to review the client’s full financial position rather than focusing only on the length of time they had been trading.

We considered:
• Business accounts and income evidence
• Trading history
• Future business prospects
• Personal financial commitments
• Deposit position
• Affordability
• Lender criteria for self-employed applicants

This helped identify lenders who were more comfortable considering applicants with shorter self-employed histories.

Finding a suitable lender

A key part of the process was matching the client with a lender whose criteria aligned with their circumstances.

We supported the client by:
• Reviewing income evidence
• Preparing the application correctly
• Explaining the circumstances behind the business setup
• Ensuring supporting documents were complete
• Managing the process from application through to mortgage offer

The outcome

The client successfully secured a mortgage and was able to move forward with purchasing their property in Plymouth.

What initially felt like a barrier became achievable by taking a tailored approach and considering lenders who assess self-employed applicants on a case-by-case basis.

Are you self-employed and looking for a mortgage in Plymouth?

If you are self-employed with one year’s accounts, limited trading history, or a more complex income structure, it may still be possible to find a suitable mortgage solution.

At Stuart Ash Mortgage Services we help self-employed professionals, contractors, company directors and business owners understand their mortgage options.

Speak to our team today to discuss your self-employed mortgage options.

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

Use the link below for more details:

https://stuartashmortgageservices.co.uk/mortgages/

https://stuartashmortgageservices.co.uk/contact-us/

About the Author

This guide was written by Stuart Ash, a Plymouth-based mortgage broker over 7 years with experience helping self employed clients across Devon and Cornwall. Stuart is CeMap (Certificate in Mortgage Advice) qualified.

Stuart’s focus is on providing clear, transparent and tailored advice to help clients make informed decisions about their mortgage needs.