It is possible to get a self-employed remortgage even if you’ve been turned away until now due to a lack of accounts or adverse credit for example.
Every lender is different, and they all have a varied opinion on a large range of criteria, which can make finding the right remortgage very complex. When it comes to self-employed applicants, certain lenders request 3 or more full years of accounts to prove income, where some lenders are able to offer a remortgage with just one years’ set of accounts.
Some lenders consider businesses that have had a decline in profits in recent years, some decline it if takings were as small as £1 less! The criteria changes all the time, as every lender alters their stance on what is and is not acceptable – for this reason it would be inappropriate to list lenders as it continuously changes.
The simple answer is yes. Self-employment has a much greater complexity when reviewing what remortgage options are available due to the ability to quantify earnings through accounts and understanding year on year movements up or down. It’s important to use experienced advisors so your individual circumstances can be used to view the whole of the market. It’s likely the available lenders would include those outside the high street and specialise in self-employment.
If you need a self-employed remortgage, most of the main lenders you'll know about will require up to 3 years accounts and sometimes more. BUT if you've only been trading a year, don't worry. There are mortgage lenders that will lend to you with 1 year in the right circumstances.
Self-employed people are often more complex than for employed applicants, and careful advice is required. The right broker may be able to get in touch with underwriters/business development managers (decision makers) who look at things on a case by case basis. Lenders can then consider accountants references, those paid in cash, and a range of other income evidence that may differ from what your main high street bank would ask. Tell us about your situation and see how the advisors we work with can help.
To speak to a friendly We Plan Group adviser to answer any questions you might have about any of our services.
Remortgages are offered by We Plan Financials Limited, registered in Wales Number 1357915. Registered office Tintern House, William Brown Close, Llantarnam Business Park, Cwmbran, NP44 3AD. We Plan Financials Limited is an Introducer Appointed Representative of Dragon Brokers Limited and is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 843105. You can check this on the FCA Register at https://register.fca.org.uk/