How To Remortgage If You’re Self-Employed

In this article, we explain how to remortgage if you’re self-employed, what 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, you should look into it at least three months before your current mortgage deal expires.

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

The good news is that some lenders specialise in helping self-employed remortgage borrowers and advisors who can find 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 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 determine 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. This will boost your chances of qualifying for the best terms available.

Using our broker-matching service, you can speak directly with 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• Downloading and optimising your credit reports to remove any inaccuracies or outdated information that could hinder your application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 available to you, including deals only available through a broker.

The rates table below provides you with an idea of the typical rates currently available. The rates in this table are standard first-time buyer products. There is no specific “self-employed mortgage” product; rather, you can apply for these same market-leading rates. However, your eligibility for them depends entirely on how individual lenders assess your income.

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 0330 818 7026 or fill in our quick form, and we’ll set up a no-obligation chat between you and a remortgage broker who specialises in self-employed customers today.