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Self-Employed Remortgages

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 13, 2022

Remortgaging when you’re self-employed can be a challenge.

Mortgage Lenders need to see evidence of your income and that’s often more complicated if you run a business or work for yourself.

But you can still switch with the right support from an advisor experienced at helping self-employed borrowers remortgage. This guide explains how to do it, what criteria you need to meet, how to find the right mortgage advisor and more.

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.

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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.

Why you should seek professional advice first

It’s a good idea to seek independent mortgage advice. The mortgage brokers we work with understand the self-employed remortgage market and can match you to the right product for your individual needs.

They should even be able find you a mortgage if:

  • You were in full-time employment when you took out your initial deal and want to remortgage as newly self-employed
  • You don’t have two years’ accounts to prove your income
  • You’ve had a difficult trading year
  • You’ve experienced a credit blip or missed loan repayments
  • You’ve taken government Covid support measures such as SEISS grants.

How to prepare for your remortgage

The self-employed remortgage process is the same as the employed process. The only difference is in how you prove your income to the lender.

Instead of providing payslips you need to show your earnings another way.

This is usually through your SA302 forms (which show your tax calculation) or audited accounts. Sometimes the lender asks for more evidence, such as business plans, but this differs between providers and depends on your circumstances.

Here’s three ways to prep:

Gather your documents to prove your income

You’ll need your most recent SA302 forms (ask your accountant or HMRC if you don’t already have them) and possibly audited accounts depending on your business.

You’ll also be asked for details of your outgoings, including bank statements.

Check your credit record

There’s no universal credit score that will secure you a mortgage, as each lender works differently. But it can help to boost your overall credit rating before you apply.

Stay up to date with your credit repayments, make sure you’re on the electoral roll and update your address.

Check your own credit report and, if you see a mistake, request it’s changed or add a note to clarify the issue to any lender – you can download all of your credit files via our dedicated credit reports hub.

Speak to a mortgage broker

If you’re self-employed and want to remortgage, a mortgage advisor is your best bet.

They have access to exclusive products, expertise in mortgage solutions for self-employed remortgage borrowers and an understanding of which lenders will accept your remortgage application.

And of course, they’ll hold your hand through the whole process, helping you with the admin and making sure the deal goes through by liaising with the lender on your behalf.

But how do you know which broker is best placed to meet your needs?

At Online Mortgage Advisor we can match you to a mortgage broker who specialises in helping self-employed people remortgage to a new deal.

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.

Mortgages are currently hugely competitive, and the best remortgages for the self-employed start from less than 1%.

However, if your needs are specialist (you have bad credit, for example) or your income is complex (e.g. comes from a source that’s difficult to verify), you can expect to pay a higher interest rate of 2% to 3% or even higher.

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.

They also have a good idea if the lender will yes, so you don’t waste time making failed applications, potentially denting your credit record.

Why you should avoid going direct to a lender

If you go directly to a lender, they can only tell you about their own products.

There are other benefits to using a broker, such as:

  • Access to self-employed remortgages that are simply not available to borrowers directly
  • Knowledge of which lenders are most likely to say yes when you apply for a mortgage
  • Understanding of which lenders are working to quick timescales and which are slow on service, which is important if your case is time sensitive
  • They do the legwork for you – filling out the forms, checking you have the right documentation and chasing the lender
  • They work for you and make sure you get the most suitable self-employed remortgage from across the whole market
  • They’re professionally qualified and regulated by the Financial Conduct Authority, so you can trust their advice
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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.


Can you remortgage with no proof of income?

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.

Can you remortgage if you’re newly self-employed?

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, with a view to finalising it when you have enough accounts to declare.

Ask a quick question

We can help!

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Self Employed Mortgages

Ask us a question and we'll get the best expert to help.

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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