Self-Employed

Ltd company directors are generally defined as an individual who owns 25% or more of a company. The income criteria is more flexible to Ltd company directors, depending on the selected lender. 

A combination of salary and net profit OR salary and dividends can often be used to calculate income. An average 2yrs income or latest years accounting figures can also be used.  

A sole trader is an individual who is entitled to all profits a business earns, as well as all losses that may be incurred. Net profit figures will be used to calculate a sole traders income. Similar to Ltd company directors, the net profits will either be averaged for the latest 2yrs or most recent year.  

The minimum time to be self-employed, regardless of Ltd Company or Sole trader is 12 months. There are unfortunately no lending options available without a minimum of 1 years accounts. 

CIS contractors, day rate contractors and fixed term contractors can often be considered as self-employed. It is best to contact James Wong Mortgages to discuss your requirements in greater detail as lending criteria is often more complex.