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Looking to remortgage when self-employed?
It can be tricky.
If you’re reading this, you’re likely either unsure of where to start or have already had difficulties remortgaging.
This is completely understandable of course – remortgages for self-employed people isn’t made easy.
Therefore in this guide we aim to help guide you on how to remortgage when self-employed, which will go hand in hand with our standard remortgage guide.
Let’s start by saying that a self-employed remortgage is not a different product to a standard remortgage.
That being said, the way in which lenders assess remortgages for self-employed people differs from employed people, particularly when it comes to their assessment of income.
Each lender will have their set criteria for self-employed applicants, which can make working out how much you can borrow, or even whether they’ll accept you at all, a bit of a hoop jumping process.
Yes, you can remortgage if you’re self-employed.
In fact, we’d encourage you to consider remortgaging, particularly if you’re currently on the lender’s standard variable rate or if your current mortgage product is coming to an end.
Even if one lender turns you down, there are many lenders available; some of which may have more flexible criteria to better suit your needs.
There are many reasons why you’d look to remortgage.
Examples may be to reduce your monthly repayments by accessing a better rate, or to raise funds for home improvements.
We list off different reasons for remortgaging in our dedicated remortgage guide.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
If you’re currently on the lender’s standard variable rate, we recommend looking at your options as soon as possible to potentially save money.
Similarly, if you’re within 6 months’ of your current interest rate expiring, we recommend beginning to look at your options now.
For other reasons, such as to raise additional funds, there’s not necessarily a ‘best’ time to look into your options. Even if you’re within a fixed rate, it won’t hurt to look at what your options are.
Documents needed for a self-employed remortgage are very similar to the documents you’ll need for a standard mortgage.
This will include a proof of ID, proof of address, proof of income, bank statements and a credit report.
You can refer to our dedicated guide for more detail on the documents you’ll need.
Remortgaging when you’re newly self-employed is a tricky one.
Typically you’ll need at least 1 year’s accounts (potentially as low as 3 months’ contracting history if you’re a contractor or freelancer), for lenders to use your income for affordability purposes.
If you’re not quite there yet, you may not be able to remortgage just yet.
However, this doesn’t necessarily mean that you’ll need to be stuck on the standard variable rate, paying much more than you’ve been used to paying.
If you’re newly self-employed and are unable to remortgage to a new lender, you may have the option of a product transfer (otherwise known as a rate switch).
A product transfer involves selecting a new rate with the same lender.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
Access your credit report
As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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