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  • Writer's pictureRicky Gandhi

Remortgaging Your Home as a Self-Employed Individual: A Comprehensive Guide

Updated: Jun 27

Table of contents

  • Introduction

  • Factors to consider before remortgaging

  • Preparing for the remortgaging process

  • The remortgaging application

  • Potential challenges during remortgaging

  • Options if remortgaging is not feasible

  • Conclusion


Welcome, self-employed individuals! Remortgaging your home can be a daunting process, but fear not - we have got you covered. Remortgaging refers to the process of switching your current mortgage to a new one. As a self-employed individual, the importance of remortgaging cannot be overstated. With better mortgage rates and more favorable terms, remortgage can help you save money in the long run. Stick with us, and we will guide you through the entire process with our comprehensive guide.


Factors to consider before remortgaging

Before jumping into the world of remortgaging, there are a few important factors that individuals, especially those who are self-employed, should consider. The first step is to assess your credit score and financial health. Lenders will carefully examine your financial history to determine whether you are a good candidate for a remortgage, so make sure to pay off any outstanding debt and improve your credit score as much as possible. Next, finding the right deal for your situation is crucial. As a self-employed individual, you may face more challenges when it comes to securing a competitive mortgage rate. Do your research and don't be afraid to shop around for lenders who offer deals tailored to self-employed individuals. By being persistent and prepared, you can increase your chances of securing a successful remortgage.

Preparing for the remortgaging your home process

Preparing for the remortgaging process can be overwhelming but it's necessary. You need to know where your finances stand and keep all financial documents in order. This will save you time and make the application process smoother. Hiring a mortgage broker or advisor can also ease the process. They can help you find the best deals and provide expert advice. It's important to remember that preparation is key to a successful remortgaging process.

The remortgaging application

Navigating the remortgaging application process can be daunting, especially for self-employed individuals. It's essential to organize your financial documents beforehand and be prepared for potential delays. Hiring a mortgage broker or advisor can also be helpful in ensuring that you navigate the process correctly. Proving income as a self-employed individual can be a challenge. Lenders may require up to three years of tax returns or bank statements to show a consistent income. It's crucial to have all the necessary documents and be prepared to answer questions about your income. If you're struggling to prove your income, some lenders may consider using an accountant's reference or even your company's profits as evidence. Navigating the remortgaging application process can be frustrating, but it's essential to stay organized and hire help if needed. Don't hesitate to ask questions and clarify any uncertainties during the process.

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Potential challenges during remortgaging

Let's face it, being self-employed comes with its own set of challenges. And when it comes to remortgaging, it can feel like the obstacles are higher. One of the biggest challenges is the higher interest rates that self-employed individuals may face compared to those in traditional employment. It can be frustrating to feel like you're being penalized for working for yourself. Additionally, proving a consistent income can be difficult without a steady paycheck. Thankfully, with some preparation and the help of a mortgage broker or advisor, these challenges can be overcome. Just remember to stay organized and be persistent in finding the deal that works for you.

Options if remortgaging is not feasible

If remortgaging is not a feasible option, there are other ways to consolidate debt. One option is a debt consolidation loan, which rolls multiple debts into one monthly payment with a potentially lower interest rate. Negotiating with your current lender is also a possibility. They may be able to offer you a better deal on your existing mortgage or advise you on alternative options. It's important to weigh all options before making a decision. Don't rush into anything or let stress cloud your judgment.


In the end, remortgaging can be a complicated process, especially for self-employed individuals. That's why it's crucial to weigh all options carefully. Don't rush into a decision that could end up doing more harm than good. Whether you choose to consolidate debt through other means or negotiate with your current lender, make sure you understand all the potential benefits and drawbacks. With the right approach, remortgaging can be an effective tool for achieving your financial goals, regardless of your employment status.

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