Self-Employed Remortgages

See how expert advice could help you secure your remortgage deal if you're self-employed.

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Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: March 18, 2024

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

March 18, 2024

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.

Get Started Phone Icon 0808 189 2301

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…

Remortgage Calculator

Our remortgage calculator can tell you what your new loan-to-value (LTV) ratio and repayments will be after you've remortgaged, with or without releasing equity from your property.


Estimate if exact value is unknown
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Estimate if exact value is unknown
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Amount must be less than property value
Leave blank if no equity is being released
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What will the new term length be after you've refinanced?
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Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
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New LTV:

After you have remortgaged your new LTV ratio will be and your new mortgage payments will be as indicated below…

New Monthly Repayments:

Get started with an expert broker to find out how much they can help you save on your remortgage.

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:

Lender Product Details
Frosted Rates Image

Looking for more rates and deals?

We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.

Last updated May 2024

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.

Get Started Phone Icon 0808 189 2301

FAQs

You will need at least some form of income proof to qualify for a remortgage if you’re self-employed. You’re unlikely to qualify for a remortgage if you’ve only been trading in a self-employed capacity for less than a year. But with the help of a broker, it may be possible to find a lender who might get the ball rolling on your application after nine months, but you will still need to wait until the one-year mark before completing the agreement.

If you want to borrow against your latest self-employed earnings, you will need to have been trading in this capacity for at least one year, ideally two-to-three. There are, however, lenders who might be willing to get your application started before this point if, for example, you can produce an income projection or forecast from an appropriately qualified accountant.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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