Bank offering self-employed mortgages based on draft accounts

by Aaron Strutt

Aug 20 2019

Trinity Financial has access to a lender providing selected clients working in professional roles with mortgages based on their draft account figures.

The bank requires applicants to provide at least three years working history and typically provides mortgages to accountants, barristers, doctors and solicitors.

It can lend if the client has recently switched from working on an employed to self-employed basis, although cases will be assessed on an individual basis.

Aaron Strutt, product director at Trinity Financial, says: “You will need an accountant to confirm your draft figures for the next tax year, and the case will be assessed by a senior underwriter who will conduct a plausibility check.

“The bank receives applications from barristers and this is because their incomes can fluctuate if they are waiting to be paid on cases they are working on.”

The vast majority of lenders would not consider lending on draft accounts, although this bank will assess your application providing you have a good credit score and strong working track record.

Other providers will consider lending to clients if they have one year’s accounts and a projection from their accountant.

Mortgages based on one year’s accounts

Trinity has access to banks and building societies offering mortgages to clients if they have one year’s accounts.

Some of the lenders like Kensington and The Mortgage Lender can take the self-employed applicants latest figures, while one of the biggest banks will accept accounts for clients if they have been trading for a year.

One building society will lend if companies have been trading for less than two years, and they will request the first year accounts or an SA302 and corresponding tax year overview form. They do not typically ask for both.

Call Trinity Financial on 020 7016 0790 to secure a draft accounts or self-employed mortgage