What Is A Self Employed Remortgage?

When you get a mortgage, much of the data that remortgage companies need will come from your current financial information and credit rating.  However, if you are self employed, this can be more difficult.  A self employed remortgage means proving your current income.  Of course,  when you need a remortgage and self employed is your status, you can run into difficulties.  But don’t worry, this does not make you ineligible, and you can always contact different companies to get a different remortgage quote from each one.  It just means that you will need to do more hard work to show your financial situation.  After all, remortgage loans are a good way to consolidate all of your debt and pay it off at once.  It is worth the difficulty to go through with this situation.

Getting a remortgage, like a buy to let remortgage, may be harder if you are self employed. Hopefully your credit is in good standing to you don’t have to apply for an adverse credit remortgage either. It also means having your assets evaluated for their value.  Remortgages and self employed status means producing documents, receipts, and all of your business accounts for at least the past three years.  It means being honest about bad credit. After all, a person who owns a company is self employed.  That company is one of many points of value.  You may not have a friendly guide for remortgages for the self employed.  However, don’t think that lots of people in your situation aren’t getting remortgages.  They are.  Although having a paycheck and working for someone else means you have easy evidence to provide to show your financial situation, it’s not the be all and end all.

A positive way to deal with this is to consult with an accountant who works with self employed people and possibly even has a remortgage company or two that specializes in self-employed situations.  Simply call and ask if they have ever worked with self employed remortgages.  They will help you to compile the information that you need to make a strong case.  They are also familiar with working with financial institutions and know what they’re looking for.  They may ask you to have special documents made a notarized.  They may also have you take information from your business partner in addition to your own.  They will help to make any property that you use with your self employment to show all of your assets.  They may also help you to find a financial institution that accepts your situation.

Bad credit is not always a problem for every financial institution.  In fact, they may have a special package with a special rate of interest especially for you, though the remortgage rates for a bad credit situation will most certainly be higher.  Being self employed will also not be a problem for them.  Many people falsely assume that they will have a problem because of their past.  However, a remortgage is always about your current assets.  As long as you’re honest about your situation and provide all of the information needed, you will find someone that is willing to lend to you.  After all, it is a step in the right direction and there are companies willing to help you to do that.

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