From a No to Exchange of Contracts in under 4 Weeks

Self-Employed Mortgage Case Study

The Situation

Real stories are what make this job worth doing.

Lisa (not her real name) runs her own business. She works long hours and is building her reputation from the ground up. Because of that, she expects the same level of commitment from the professionals she works with.

Earlier this year, she found a house she wanted. The timing mattered. It was available immediately, not months later.

There was one issue. She had one full year of accounts. Although year two was nearly complete, her accountant had not yet signed it off.

Before speaking to us, she approached another adviser. The response was simple. Wait until year two is complete. It cannot be done before then.

No lender discussion. No alternative structure. Just a straight no.

A Different Approach

At that point, a mutual friend suggested she speak to us before making any final decision. That conversation changed the direction completely.

We opened the file on 20 January and began building the case immediately.

First, we requested detailed documents from her accountant, including management figures and forecasts. Then we reviewed the income properly. Instead of focusing only on the filed year-end figure, we assessed business direction, stability, and sustainability.

The case was tight. However, tight does not mean impossible.

Rather than submitting and waiting for an automated decision, we spoke directly with a mainstream high-street lender. We explained the background in full. Crucially, we highlighted that she was only a quarter of the way through year two. At the same time, we demonstrated growth and consistency, supported by evidence.

Clear presentation leads to stronger underwriting decisions.

The lender approved the application.

The Result

We opened the file on 20 January. Contracts exchanged on 19 February. Completion takes place this week.

That is a four-week turnaround from start to exchange.

From cannot be done to exchanged in one month.

Four-week mortgage turnarounds are absolutely possible when the case is structured correctly from day one. This is particularly true for self-employed applicants, where lender selection and presentation make the difference.

Self-employed does not automatically mean decline. Likewise, one-year accounts do not automatically mean impossible. Instead, it means the case must be placed correctly.

For Self-Employed Applicants

If you are self-employed and have been told you must wait for two full years of accounts, do not assume that answer applies across the board.

Different lenders assess sole traders and limited company directors differently. Therefore, experience and lender knowledge matter.

Speak to an adviser who understands how to structure and present business income properly. Ask the question. Do not accept the first no as final.

Your home or property may be repossessed if repayments on a mortgage or loan secured on it are not made.

Mortgage criteria and lending policies can change and were correct at the time of writing.

Highfields is a trading style of The Right Broker Limited, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Right Broker Limited is registered in England and Wales no:09656290. Registered Address: St Johns Court, 70 St Johns Close, Knowle, Solihull, B93 0NH. Think carefully about securing other debts against your home or property. Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority.
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.The information contained in this website is subject to Uk regulatory regime and is therefore intended for consumers based in the UK.