If you’ve recently become self-employed and are thinking about buying a home, you might have heard the common rule: you need at least two years of accounts to get a mortgage.
But the truth is – that’s not always the case.
In today’s market, there are more options available than many people realise, and waiting unnecessarily could mean missing out on opportunities.
Do you really need 2 years of accounts?
Many high street lenders do prefer to see two years of accounts when assessing a self-employed mortgage application. This helps them understand your income stability over time.
However, it’s not a hard rule.
Some lenders will consider applications with just one year of accounts, particularly if your income is strong and consistent. In certain cases, even less may be considered depending on your circumstances.
What lenders actually look at
When assessing a self employed mortgage with 1 year history in the UK, lenders focus on more than just time.
They will typically look at:
- Income consistency – Is your income stable or increasing?
- Industry experience – Have you worked in the same field before becoming self-employed?
- Previous employment – A strong employed track record can support your case
- Contracts and future work – Especially important for freelancers and contractors
This means if you’ve recently gone self-employed but have years of experience in your industry, you may still be in a strong position.
What if you’ve just gone self-employed?
If you’ve only recently made the move, getting a mortgage can be more challenging – but not impossible.
Some specialist lenders take a more flexible approach and may consider:
- Day-rate contractors
- Professionals with confirmed future income
- Applicants with strong earning potential
The key is knowing which lenders are open to these scenarios.
How to improve your chances
If you’re applying for a mortgage with less than two years of self-employment, there are a few things you can do to strengthen your application:
- Keep your accounts well organised
- Work with a qualified accountant
- Maintain a good credit score
- Reduce outstanding debts where possible
Preparation makes a big difference.
Why speaking to a broker matters
Self-employed mortgages are not one-size-fits-all. Going directly to a bank can limit your options, especially if your situation doesn’t fit standard criteria.
A mortgage broker can help you:
- Access lenders who are more flexible
- Present your income in the best possible way
- Avoid unnecessary rejections
The bottom line
The idea that you must have two years of accounts is one of the biggest myths in the mortgage world.
If you’re self-employed – even for less than a year – it’s still worth exploring your options.
Getting the right advice early could bring your homeownership plans forward sooner than you think.
