Self employment

Quimby

I've been self employed now for nearly 2 years but have realised I haven't told my mortgage company this.

I've maintained payments all the way through

What are the ramifications if I want to remortgage or move house and haven't advised them?

I'm thinking of moving but have heard that mortgages for the self-employed are harder to get, especially if you've been self employed for less than 3 years

_Andy_

You don't need to advise them anything unless you were moving home/increasing borrowing.

opinions4u

Quimby wrote: »

I've been self employed now for nearly 2 years but have realised I haven't told my mortgage company this.

You don't have to.

What are the ramifications if I want to remortgage or move house and haven't advised them?

None, as long as you advise them when you apply for the new mortgage/remortgage.

I'm thinking of moving but have heard that mortgages for the self-employed are harder to get, especially if you've been self employed for less than 3 years

They are and this could be a problem for you. Ideally you will have at least 3 years accounts, although 2 years may be adequate.

Ideally you will also have a decent deposit.

If you post the current value of your property and debt, together with your most recent "net profit" and number of years of accounts available, then posters can guide you more on remortgage options.

Quimby

opinions4u wrote: »

You don't have to.

None, as long as you advise them when you apply for the new mortgage/remortgage.

They are and this could be a problem for you. Ideally you will have at least 3 years accounts, although 2 years may be adequate.

Ideally you will also have a decent deposit.

If you post the current value of your property and debt, together with your most recent "net profit" and number of years of accounts available, then posters can guide you more on remortgage options.

My property is worth probably about £110-120k and I have about £55k outstanding debt

My trading year ends in April & I'm forecasting about £18k profit before tax, this will be the 2nd full year of trading