Laura and Matt have been saving to purchase their first home together.

Laura has been self-employed since she set up her hairdressing business 18 months ago. Her boyfriend Matt is a self-employed contractor in the building trade. He also has a second job as an on-call Fire-fighter to top up his income.

The couple were worried about their chances of getting a mortgage as first-time buyers, with Laura having only been self-employed under 2 years and Matt having two jobs. They had already been told by a couple of high-street lenders that Laura would need at least 3 years’ worth of accounts, and Matt wouldn’t be able to use his second income for affordability.

But they needn’t have worried, as Vida can help!

Vida will consider both Laura and Matt - we love to help first time buyers to take their first steps onto the property ladder! We need to see 2 years accounts or SA302 and tax year overview, however we can consider 1 year’s accounts where the trading period is less than 2 years, like Laura’s business of 18 months. We’ll accept second job income, such as Matt’s additional Fire-fighter wage*.

* Subject to full underwrite. Satisfactory evidence required of income requirements, plausibility of additional work and sustainability,

Our Self-Employed criteria highlights:

2 years accounts or SA302 and tax year overview for the latest 2 years depending on self-employment type. 1 years accounts accepted where trading period less than 2 years
For limited companies, last year’s net profit after tax is considered if 100% shareholders are on the mortgage (last 2 years’ accounts will need to show stable or improving business profile)
Self-employed contractors or those under an umbrella company structure
Day 1 contractors accepted with a minimum of 1 years track record within the same line of work
Those who have zero hours contract with a good track record, 2nd jobs and variable income
Workers in construction receiving variable and/or cash payments including CIS
Recent freelancers with a track record in a similar role

To chat through your Self-Employed case, get in touch with the V-Hub to speak directly with an Underwriter. Call 03300 246 246 or email v-hub@vidahomeloans.co.uk