TL;DR - Quick Answer
Several specialist and some mainstream lenders accept just 1 year's accounts for self-employed applicants. You'll typically need strong income evidence, a good credit history, and potentially a larger deposit. Some lenders may even use projected income for newer businesses.
Key Points
- Several mainstream and specialist lenders accept 1 year's accounts
- Strong credit history improves approval chances significantly
- Larger deposits (15-25%) often required vs 2+ year applicants
- Some lenders accept projections for very new businesses
- Prior experience in same industry strengthens applications
- Limited company and sole trader applicants both have options
Lender Examples
How different lenders approach this scenario
| Lender Type | Accepts | Notes |
|---|---|---|
| High Street | Usually 2 years minimum | Very few accept 1 year only |
| Building Societies | 1 year with conditions | May need prior employment or experience |
| Specialist Mainstream | 1 full year's accounts | Good rates, up to 90% LTV |
| Specialist Lenders | 1 year or less | May use projected income |
| Private Banks | Case-by-case | Higher borrowing amounts available |
Frequently Asked Questions
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