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Can I remortgage if I’m Self-Employed?

A remortgage is possible when you’re Self-Employed. Most lenders are fine with that, as long as it fits the affordability and there should not be any differences or any problems with it.

How long do you have to be Self-Employed to remortgage?/ Can you remortgage if you are newly Self-Employed?

Most lenders will require two years of self assessments and tax returns as proof of income. However, there are a handful of lenders who will accept an application with only one year’s accounts.

How does the Self-Employed remortgage process work?

It’s exactly the same as any other mortgage, as if you were employed. The lender will want up to date self assessments, but everything else is just the same.

Can you remortgage with no proof of income?

Technically, you won’t be able to remortgage with another lender. However, there may be an option to score a new product with your current lender. They will lightly look at the conduct of the existing loan and if everything else has been paid on time, that should be accepted with them without any issues. They tend not to want any more proof of income because you’re already with them.

Can a Self-Employed person be declined a remortgage?

Self-Employed mortgages are no different to any other loans. You may be declined if you can’t match the lender’s criteria. However, the broker will have carried out all the necessary research prior to placing you with a lender and the pre-approvals will be in place. It’s possible for a lender to decline a remortgage, but it’s unlikely.

HOW CAN I BETTER MY CHANCES OF SECURING A GOOD REMORTGAGE?

Having your accounts would be beneficial, as it’s what the lenders will look at for the main proof of income. Make sure you’ve got all your documents to hand, including two years self assessments and tax returns. They will require three months of bank statements showing all the income going into the bank to match up with your earnings. Then you require things like photo ID, make sure all your bills are paid in time so it doesn’t affect your credit scoring and don’t take out any of the credit.

WHAT ARE THE BENEFITS OF REMORTGAGING?

Once your fixed-term finishes, lenders will automatically be at your Standard Variable Rate. We all know that the interest rate is increasing frequently, which will regularly increase any Standard Variable Rate and therefore your monthly payments if you don’t fix your rate again by remortgaging.

HOW CAN A MORTGAGE BROKER, LIKE THE MORTGAGE BROKER SCOTLAND, HELP ANYBODY LOOKING TO REMORTGAGE IF THEY ARE SELF-EMPLOYED?

We’ll be able to guide you through the processes and have a wide knowledge of the market, which allows us to advise on what the most suitable fit for you would be. We also have access to some exclusive deals which you won’t be able to get elsewhere.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.