Remortgage and Self Employed Information

Many self employed people are earning excellent money. However, many high street and other lenders are reticent about lending if you cannot prove your earnings via pay slips or 3 years full accounts.

If you do have three years accounts it is likely that you can get a standard product. If not, you may need to look at a non status deal. These types of product works on your potential earnings, enabling you to declare your income without necessarily having to prove it via standard means.

Self-employed remortgages are a non standard type of mortgage. In the 1990s when self certification mortgages started to become popular in the UK, rates tended to be quite a lot higher than standard mortgages. As the market has evolved, and lenders have more data on delinquency (i.e. the level of arrears) the loading associated with self certification loans has steadily decreased such that there are now some very keenly priced deals.

Self Certification deals differ in what they offer. If you would like increased flexibility then you can look at a mortgage that offers payment holidays and the opportunity to overpay when you are earning particularly good money.

If you are self employed and concerned as to how to secure the most suitable finance for your circumstances, please get in touch to see what we can offer.