Self Employed Remortgage

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Can I Get A Remortgage, While Self Employed?

As long as you have enough evidence of your income you can get a self employed remortgage. If you are in a new field and newly self employed you may struggle. You count as self employed if you own a business. Sole Traders or Company Directors that own over 25% of a business usually count as Self Employed.

Applying For A Mortgage As Self Employed

It will usually be the same mortgage as any employed person will get when you apply for a mortgage as Self Employed . The main difference is how they assess your income. You will normally have to prove a few years of income, rather than a few months when you are self employed.

Self Employed Remortgage Advice

  • First thing you should do is check your credit file. We recommend Checkmyfile for this. If you know about any potential problems before you apply you may be able to do things to avoid problems.
  • Have your accounts prepared by a qualified accountant. Whilst it can be tempting to save the money any prepare your accounts yourself. Lenders like to see accounts prepared by a qualified accountant.
  • Speak to a specialist mortgage broker about your options. There are tens of thousands of mortgage products on the market. Speaking to a professional will increase your chances of being approved.

How Many Years Do You Have To Be Self Employed To Get A Mortgage?

This varies from lender to lender. The minimum would usually be one year, however most lenders like to see 2-3 years of accounts. Its worth speaking to a specialist mortgage broker when you are newly self employed to discuss your options.

Who Is The Best Mortgage Lender For Self Employed?

This is a tough one! Some lenders may be better than others. It will largely come down to your personal situation which is best. For example you may have 1 year of accounts, or your last year was much higher than the one before. You should speak to a specialist as every application is different when you’re self employed.

What Income Do Mortgage Companies Look At For Self Employed?

Lenders use different things depending on a few variables. Firstly, are you a sole trader or a company director? If you’re a sole trader they’ll likely use your net profits. If you’re a company director, different lenders use different things. Some will use your Salary & Dividends. Others will use Salary & Net profits. Some even use Salary & Net profits before tax.

Do I Need To Tell My Mortgage Company If I Become Self Employed?

You can. But you shouldn’t need to unless you think it will affect being able to pay your mortgage.

If I have Bad credit can I get a Self Employed Remortgage?

Absolutely! If you have bad credit you have a few options depending on the rest of your situation. It also depends on what type of bad credit you may have. It’s always best to speak to a specialist mortgage broker to discuss your options.

Remortgaging When Newly Self Employed

If you have a full year of accounts you should have options. Speak to a specialist mortgage broker to find out what your options are.

Got a question we haven’t answered? Maybe we do on our main Self Employed page! If not, get in touch!