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Remortgage while Self Employed

We’ll match you to the perfect broker to help secure the best mortgage deal for you – fast, easy and free.
All of our partner advisers have access to the whole market so that you get the best deal available.
Mortgages made easy. We’ll match you to the perfect broker to help secure the best mortgage deal for you – fast, easy and free. Try our 60 Second Mortgage Qualifier.

Mortgage Qualifier

1 minute. That’s all it takes to find out if you are likely to be accepted for a mortgage and it won’t impact your credit score. It really is that easy.
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Mortgage Advisor introduction

We will match you to a Mortgage Advisor who will understand your circumstances and help secure the best mortgage for you.

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Completely free

Our Mortgage Advisor introduction and matching service is 100% free. We don’t charge a fee, your broker may charge once successful.
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Can I Get A Remortgage, While Self Employed?

Credit score

One final factor that lenders will take into consideration is your credit score. Your credit score is essential for any lending application and mortgage providers will want to see a history of responsible borrowing with no CCJs or defaults on your file. Your credit score can differ depending on the provider, so it’s important to build a complete picture of how different credit providers see your account.

Remember, there is no such thing as a “self employed remortgage”. Once you have passed the initial checks required by a mortgage provider, you will have access to the same lending products as anyone else. The only difference is that you will have to jump through a few more hoops to prove your income. If you are rejected by one provider, don’t assume that this means you aren’t eligible. All providers will have their own criteria, and some are far more experienced in working with the self-employed.

Overall Financial View

Key to success in applying for a remortgage when self-employed, is applying to a lender that is flexible enough to take your entire financial picture into account when making their decision. More than 5 million people in the UK are classed as being self-employed, so it stands to reason that there are mortgage companies to cater for them.

Applying to a specialist mortgage broker with access to companies that offer deals that aren’t available through traditional high street bank channels can be a real deal breaker when it comes to getting the deal you’re after. Whilst there are some high street banks that cater for the self-employed, it is a trickier process to get approved for any mortgage this way.

Loan to Value (LTV)

One aspect that is different with a remortgage, as opposed to a standard mortgage, is that there is often a large amount of equity built up – especially if the property has been owned for a long time. If this is the case, then your chance of remortgage success goes up greatly, as it’s viewed as collateral by any would be lender. Conversely, the higher the level of percentage of property that is still mortgaged (known as loan to value or LTV), the less wiggle room you’ll have for remortgaging.

The Immutable Rules

Whilst there is a degree of flexibility to any remortgage application, there are some rules that can’t be circumvented, even by a specialist mortgage broker. These rules are in existence for good reason and can’t really be avoided:
Once your remortgage is complete, you need to still have at least 15% of equity left
The terms of your new mortgage can’t extend past the point you retire
The entire amount of equity cannot exceed the total quantity of unsecured debt
The minimum amount of equity released during the remortgaging process shouldn’t be less than £5k
We’d love to be able to tell you that there are workarounds for these rules, but they are, as they say, set in stone.

Niche Mortgage Info is a guidance website and introducer and is not regulated by the FCA. All of the advisers we partner with work only for firms who are authorised and regulated by the FCA and specialise in a number of different fields. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice.

By making an enquiry you accept that your information will be passed to one of the specialists.