Posted on 24 February 2010 by Mary Daly

Hey there,

Me and my partner are looking to get a mortgage. My partner is an electrician and we only have 1 year of accounts. He has been an electrician for the past 12 years and has a mixture of CIS and PAYE for previous years.

We have a good deposit and we are looking to borrow up 235000.

Can you help?


It is usual for Lenders to look for two years accounts from self employed applicants, which means you need to have been trading for at least three.  However, there are Lenders who will look at less than 2 years accounts, especially if you have a track record in the same line of business and on going contracts to demonstrate your income supply.

Lenders will also want to see 6 months business and personal bank statements to build up a picture of your income and expenditure.  This is particularly important because they are looking for you to prove your ability and willingness to pay the monthly mortgage payment.  If you can demonstrate a history of regular monthly savings and/or a monthly rental history at a similar level to the future mortgage payments this can give the underwriters the flexibility needed to agree a mortgage for you.

I recommend that you speak to a good independent mortgage adviser about your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.