Criteria wrap-up: Self-Employed

Here's a wrap-up of our Self-Employed criteria and how we can help your specialist customers to get life moving.

Sole Trader, LLP or Partnership

We will require one of the following: 

Latest 2 years SA302s/Tax Calculations and supporting Tax Year Overview 

or

Accountant’s Certificate covering last 2 years income from a qualified accountant or 2 years accounts certified by a qualified accountant.

Limited Company Director

We will require one of the following: 

Accountant’s Certificate covering last 2 years income, or 2 years accounts certified by a qualified accountant. 

If the customer is not 100% shareholder and only accounts are provided, we will also require the last 2 years SA302s/Tax Calculations and supporting Tax Year Overviews to verify the customer’s income.

Trading less than 2 years

We will require an Accountants reference for the 1st years income which should include a projection for the current year OR the 1st years accounts from a qualified Accountant plus 3 months bank statements.

If the customer is a director of a limited company and they have less than 100% shareholding, the 1st years SA302/Tax Calculation and Tax Year Overview is also required.

If the latest proof of income is older than 12 months (but no more than 18 months old), the latest 3 months Personal and Business Bank Statements will also need to be supplied.

Contractors 

Day 1 contractors considered with a minimum of 1-years track record of employment within the same line of work. Minimum 3 months remaining on current contract. We will require a signed copy of the applicant’s current contract.

Income requirements: Weekly rate x 48 weeks for self-employed. Umbrella contractors considered.

CIS

CIS contractors considered using last year's SA302 / Tax calculations with corresponding TYOs, along with the latest 3 months pay-slips /invoices; OR the latest 12 months CIS payslips / invoices.

Acceptable Income

Sole traders and partnerships - most recent share of net profit if stable or increasing.

Limited Co Directors - salary and dividends. Net profit after tax can be considered for 100% shareholders where 2 years finalised accounts are provided by a suitably qualified accountant.

Let's get life moving for you and your customers.

Take a look at our lending criteria or download our criteria guide:

Got a question?

V-Hub has the answer!

Get in touch with the V-Hub, where you can speak directly to an Underwriter.

Call: 03300 246 246

email: v-hub@vidahomeloans.co.uk