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This can be a problem for most high street lenders but there are specialist lenders out there that will consider your application without any accounts. 

It’s advised that you at least complete a tax return for your first year of trading before applying, as lenders legally have to prove that they lend responsibly and base their decisions on proof of affordability. 

However, if you’ve not quite completed your first trading, you could look at getting an Agreement in Principle (AIP), as these last for three months and means that you know what property you can afford.  

The figure that a mortgage adviser would use on the AIP would be an anticipated earning as a net profit/salary and dividend, as it is still too early to be completely accurate.  

What’s the most I can borrow if I’ve only been self-employed for a year? 

There isn’t much difference in a lenders’ process when it comes to self-employed and standard mortgages.  

Each lender varies but they will look at lending you between 4-5x your income dependent on your credit score.  

As you’re self-employed, they will likely want to look at your income projection, based on accounts that are yet to be drawn up. For example, if you have been trading for 20 months, you should have one full year’s worth of accounts plus nine months of the 2nd year. 

For advice on getting a self-employed mortgage, speak to one of our expert advisers who will be able to help you with the next steps.