Self-employment has contributed enormously to employment growth in many industries. Self-employed customers may have complex income, believing they struggle to get a mortgage with most lenders, but this isn’t always true.
Michelle wanted to raise capital on her residential property for business purposes. After being employed as an artist for many years, she decided to take the plunge and set up her own Ltd company, making her self-employed as of June 2021. Michelle has only been trading for 12 months, but her SA302 does not reflect a full 12-month period; this only shows the period for the tax year. Michelle assumed she would need to use the full 12-months income to raise the funding she needed to buy a new studio and art supplies.
At Bluestone, we accept self-employed clients that have been trading for a minimum of 1 year. Where applicants have been trading for less than two years, we only require an accountant’s certificate to verify the income – this can cover any 12-month rolling period. Not only were we comfortable with Michelle being self-employed for one year, but we were also able to use the full income from June 21 – June 22. In the end, Michelle was able to borrow the money she needed to upgrade her studio and supplies!
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