Re Mortgage Self Employed
Re Mortgage Self Employed - What To Expect
People who are searching for a re mortgage self employed option have an existing self certification mortgage, so have a credit score that says they have handled a recognised self cert debt. This is a huge asset when it comes to trying to re mortgage self employed borrowers, as one of the key things lenders look at is your credit score - if you can prove good credit whilst a self cert borrower, you are one step closer to being assured of a decent re mortgage.
One problem may lay in what credit you can get hold of. A re mortgage self employed deal may be restricted to 75% loan to value or possibly 65% loan to value by some of the self cert mortgage lenders. Although the LTV might be lower than you would like, many lenders will offer what is called an incentive on their mortgage range. This can sometimes be a free standard valuation or free legal fees if you use the lenders' in-house lawyer. If you are disappointed with how much you are offered, there are always more options than the re mortgage self employed deal, like secured loans or even equity release.
Some people coming to the end of their self employed mortgage may consider staying on the lenders' standard variable rates once their term ends instead of opting for a re mortgage self employed deal. SVRs are incredibly low now, thanks to historically low interest rates, but this does not mean they are great mortgages. A good re mortgage self employed deal will have options, clauses and extras that make the loan a whole product, not just a low rate.
Whatever re mortgage self employed option you are offered, it is important to consider the whole product when looking to re mortgage, and not just the interest rate. You could find that you could pay a slightly higher interest rate for one re mortgage self employed deal, but the arrangement fee is much lower than a mortgage that has a cheaper rate but quite a large fee.
It is not as easy to get a re mortgage self employed deal right now; lenders will prefer borrowers to sit on the SVR or move on to a new mortgage lender. But don't let the lender dictate what you do with your home finance - talk to a mortgage broker and stay in control of your re mortgage self employed deal.
