Self-Employed Remortgages

In this article we explain how to remortgage if you’re self-employed, what type of challenges you might need to overcome and why using the services of an experienced mortgage broker can offer the best chance of getting the approval you need.

Can you remortgage if you’re self-employed?

Yes, and you should look into it at least three months before your current mortgage deal is coming to an end.

Some self-employed mortgage borrowers will be able to remortgage easily, but many will struggle because they have needs or circumstances that make it harder for them to get a new deal with a mainstream lender.

The good news is there are lenders that specialise in helping self-employed remortgage borrowers and advisors who can find you the right mortgage for your needs.

Why should you remortgage?

Many self-employed people consider remortgaging if they’re approaching the end of an introductory rates period and their circumstances have changed for the better. For example, if you only had 12 months’ trading under your belt when you took out your mortgage, but now have several, you’ll likely have a much wider range of lenders to choose from, and therefore access to better rates and deals.

Remortgaging, in general, can also save you money, because otherwise you’ll automatically move onto your lender’s standard variable rate, which is likely to be higher and can rise in line with interest rate movements.

Remortgaging to a new deal is almost always cheaper than a standard variable rate, and, depending on the market, even cheaper than your current deal.

It also lets you lock into a new fixed rate, so your costs are set in stone for an agreed period, no matter what happens to wider interest rates.

Try our calculator below to work out what your new mortgage deal could look like…

How to prepare for your remortgage

Your first step should be to find a specialist mortgage broker with experience helping self-employed people get a remortgage as this will boost your chances of qualifying for the best terms available.

Using our free broker-matching service you can speak straight away to the right broker by simply making an enquiry online. They’ll be able to help with:

• Preparing all the necessary paperwork and documentary evidence required for proof of earnings if you’re self-employed (2-3 years certified accounts and/or latest SA302 tax year overview)
• Downloading and optimising your credit reports to remove any inaccuracies or outdated information that could hinder your application
• Finding the right lender who looks favourably on self-employed applicants and securing the best deal for you

How to get the best rates

Whether you get the best rates will depend on your circumstances, including the amount of equity you have in your home, your income, the type of mortgage product you prefer, and your credit position.

An advisor can help you find the most competitive self-employed remortgages that are available to you, including deals that are only available through a broker. The rates table below provides you with an idea of the typical rates currently available:

Please note that the above rates are purely for example purposes, were accurate at the time of writing, but are subject to change at the lender’s discretion. Speaking to a mortgage broker is the best way to find the most up-to-date deals.

Get matched with the right remortgage advisor

We’ll help you find a self-employed remortgage specialist who understands the challenges faced by those who work for themselves when switching their mortgage, and how to overcome them.

Call us on 0808 189 2301 or fill in our quick form and we’ll set up a free, no-obligation chat between you and a remortgage broker who specialises in self-employed customers today.