Being self-employed won’t stop you from remortgaging your property, nor will it mean that you are destined to end up with a duff deal. As a self-employed hero who is working hard on building your business or your talents, scouring through remortgage deals with no guarantee the mortgage lender will accept your application, does not seem like a good use of time.
Being self-employed won’t stop you from remortgaging your property, nor will it mean that you are destined to end up with a duff deal. As a self-employed hero who is working hard on building your business or your talents, scouring through remortgage deals with no guarantee the mortgage lender will accept your application, does not seem like a good use of time.
There are a number of reasons why you may apply for a remortgage. It is often when a fixed rate deal with your current mortgage lender is coming to an end, and not switching may mean you would transfer to a standard variable rate (SVR) mortgage, leading to potentially higher rates of interest. You may be looking at improving the loan to value ratio (LTV) if your property has increased in value since the deal was agreed or borrowing in order to improve your current home to increase the value or to create the house you need.
No matter what the reason for remortgaging, there are deals out there for you whether you are self-employed or employed by a company. You are just going to have to do a little more preparation and provide more evidence to a mortgage lender that your earnings are steady and are likely to remain consistent into the future.
Rather than taking that stress on yourself, look to a mortgage adviser to do it for you. There are lots of different mortgage lenders, and each one has different criteria for self-employed applicants to meet, and each lender will offer different deals as well. A mortgage broker who is experienced in finding mortgage deals for self-employed clients is your port in a storm, one that has experience in remortgages is even better. Active Mortgages has those experts, so let them do the legwork for you, whilst you take care of your business.
Active Mortgages appreciates how hard the self-employed industry has been hit and furthermore mortgage lenders are not making this recent level of uncertainty and economic unrest any easier. Banks have raised the bar even further for self-employed remortgage applicants and you need to cross more ‘t’s and dot more ‘i’s than ever before. Active Mortgages is abreast of all changes and is in contact with the lenders daily so you can be assured that Active Mortgages will be working for and with you to make it happen.
Remortgaging for the self-employed is not just a mere pipe dream, it can happen, you just need to know what you are doing and whether it is worth it for you. There are a number of costs and/or early repayment fees that might not make remortgaging the right solution for your financial needs: the savings might not offset the costs of the change. The self-employed mortgage experts at Active Mortgages are here to help, so contact us today.
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