Remortgaging after becoming self employed

geeba88

Hi

Since we took our mortgage out i've changed from being a salaried employee to being a director of my own limited company. When our current mortgage recently expired we agreed to switch onto the SVR we were offered as we didn't want to risk not being offered a mortgage due to the change in my employment circumstances.

Is this a valid concern to have, i'm earning more money than my previous job, but i've read that contractors can have problems getting good mortgage deals.

A further issue is that we'd like to apply for a homeowner loan to help pay for an extension that we've applied for. I'm worried about broaching the subject with my lender though in case my employment situation opens up a can of worms.

Any advice appreciated..

herbiesjp

How long have you been self employed?
How many years accounts do you have?
What is your salary+dividends for the last 3 years?

What is the property value?
What is the current mortgage amount?
How much extra do you need?

How much does the OH earn?

You need to post a lot more information.

No point in burying your head in the sand with your current lender - they can't do anything about the mortgage you already have with them. They may simply say they cannot lend you anymore for the extension depending on what your answers are to the above questions.