Looking for a Uk Self Employed Remortgage? Historically in the Uk, for those self employed looking to remortgage a property, who do not have the income to justify a standard remortgage, this has been viewed by many mortgage lenders as a None Commercial proposition. This was probably caused by self employed people not having 3 years trading accounts or sufficient net profits declared to even prove they could afford their existing mortgage.
However, times have changed and as more people no longer work 9-5, Uk lenders have moved their terms for uk self employed remortgage to become more flexible. If applicable it also allows those people to declare their incomes without having to provide the relevant documentary evidence usually required when applying for a standard remortgage.
With a Uk Self Employed Remortgage , there are mortgage lenders who may not need to supplying with business bank statements, business accounts, wage slip's or other income proof. The mortgage lender however will conduct their usual credit status checks, and will probably request previous lender mortgage statements, personal bank statements & references.
Think you are alone? If you are one of the estimated 3 million+ self employed people in the UK, or have working styles which differ slightly from the norm; the self employed, company directors, contractors and other people who find it hard to prove their income, you will need a self certified mortgage or remortgage. Note that a Uk Self Employed Remortgage is often referred to as a None Status Remortgage or self certified remortgage.
In conclusion, note that the remortgage deals & rates on a may be slightly higher than standard remortgage deals if you cannot proof your self employed income. Mortgage lenders may generally go to 85% loan to property value for a uk self employed remortgage in this instance.
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Martyn Spencer Bcs (Hons) Cert PFs - has 25 years experience in UK Financial Services. He is Director of the UK Credit Finance Centre, a unique website allowing customers to access UK Brokers for those looking for Mortgages, Loans, Debt Consolidation & Insurance.