Do Not Fear!
How do you remortgage now you’re self-employed? It’s nothing major to worry about. I’ve got many, many clients who were previously employed when they got their mortgage and have now moved over to being a sole trader, limited company business owner, contractor and are thinking about their next move, remortgaging and I just want to put your mind at ease. So, when it comes to remortgaging, there’s one key thing that can affect your ability to be able to remortgage. Remortgaging can be home improving, it can be consolidating debt or it can just be plain and simple. You need a better interest rate because perhaps you’re paying the lender standard variable. Now, when we look at remortgaging for our existing clients or for anybody just like you, there are two things that we want to do.
We want to find out of you need to change the terms of your mortgage. I.E. do you want to do any home improvements? Do you want to raise any more money? Do you want to change the mortgage term? If you want to make an influential change to the mortgage that you currently have, then that is going to fall under the new criteria of affordability. It is going to be a complete reassessment of your income, your expenditure, your bank statements, your credit report and it’s going to entail a full process. Much like when you bought the property all that time ago. If, however, you don’t want to make any changes at all, you just purely want a better interest rate, you can do what’s called a rate switch or a product transfer.
The Best Intrest Rate!
That is just moving you from the current interest rate that you are on to the new interest rate. Now, we do still have to as your broker, assess affordability to make sure that that is the best option for you, but at the present time in 2018, mortgage lenders do not require your proof of income. It can be a much simpler process. It can be just a signature on a form. We still have our due diligence that we do on behalf of the lender, but a lot of my self-employed customers are utilising the benefit of getting a better interest rate. So, if you think you’re paying too much on your current mortgage and you want to talk about the options that are available to you, then just get in contact. We’d be more than happy to run through them with you and we’d love to make sure that you’re paying the most suitable interest rate available. Thank you very much and we’ll see you soon.
P.S. When you’re ready here is how you can get help from us:
1. Grab a free copy of our eBook 7 Mistakes Business owners and Entrepreneurs Make That Could Jeopardise Your Mortgage. Avoiding these mistakes will have a big impact on your change of mortgage success, getting your dream home or reduced monthly payment.
2. Join our Facebook group, The Self-Employed Mortgage Community with Gary Das. This community is about building your business, networking (relationship building as I prefer to call it) and personal development with a focus for lifestyle, making money, property, and mortgages!
3. Request a call back. If you are ready to start your property journey, we would love to talk to you! Click here to request a call back.