In this article we look at the process of getting a Self Employed Remortgage. Working for yourself can make it quite tricky when it comes to remortgaging your home. Hopefully this article though will get you some helpful advice on how to go about getting a remortgage.
The Growing Need For Self Employed Remortgages
The landscape of employment in the United Kingdom has altered dramatically during the last two decades. The current trend in the lifestyle would be almost unrecognizable to past generations. As of the present time, people have shifted their careers and have themselves employed in other companies in a regular basis. With this reality, it makes the working concept a redundant one. In account to this, the number of self-employed persons is in a drastic increase. In fact, the Office of the National Statistics predicted there would be 7.3 million UK national who will be working as part timers or self-employed individuals by the year 2007, the number has continued to rise to the present day.
The changing working attitudes of these people actually give them the ability to have more flexibility and choice. However, their can be some potential hardships or difficulty for these people most especially when it comes to their regular income. Fortunately, there are those lenders who take sympathy about the financial conditions of these types of workers. If you are a self-employed person and you want to get a mortgage, you will definitely need a huge amount of deposit.
Seeking Help To Secure A Remortgage When Self Employed
If you are self-employed and you are seeking for a home loan, it is therefore highly suggested that you have to seek for some assistance. A mortgage broker is someone who can help you with this. They have the ability to identify the kind of mortgage deals in the market that is going to suit you best. If you are working alone, you may also need the help of an accountant to make sure that all your instances will be in the right place. He will also be the one to verify your claims for your mortgage application.
When applying for a mortgage deal as a self-employed individual, you will most likely to present audited accounts and even bank statements. For this reason, you have to keep the relevant information filed concisely. For other types of mortgages like the self-certification, here you may not need to show your exact income but you may need to manifest some evidences to justify your claim.
Pros And Cons Of Getting A Self Employed Remortgage
Here is a list of pros and cons in getting a self employed remortgage:
- Mortgages for self-employed are more likely to be flexible and take irregular income into account.
- The applicant may not have to prove his exact earnings.
- The amount that you are going to borrow will be based from your real earnings rather than the amount quoted to the tax personnel.
- You will not have much choices compared to fully-employed borrowers.
- Compared to the standard mortgage borrowers, interest rates are more likely to be higher.
- You can have the best deals with the help of mortgage brokers but you have to pay for their services.
Self Employed Remortgage Summary
So in conclusion getting a self employed remortgage is not impossible. There are specialist lenders available and you will be able to seek professional help if you are finding the process difficult. Make sure you have sufficient money and savings behind you can really help your application.