Self-employed & Santander

tbrain

Does anyone know whether Santander provide mortgages to the self-employed?

I currently have a 5 year fixed term mortgage, which is due to expire in late 2013.

If I wanted to move house and borrow more money, would they lend this based on one years accounts?

Should I be telling them that I am now self-employed even though I am not looking to change my product?

Thanks.

kingstreet

Yes.

Possibly.

No. Only if you apply for a new mortgage on a new property.

When you are ready to consider moving you need to approach them for an opinion. You are making a whole new mortgage application and they may lend to you again, or they may not. You have to meet their current criteria, affordability and loan to value requirements.

You may be able to take the rate from your old mortgage to the new one to avoid the early repayment penalty which would apply if you repay it before the end of its expiry. Any increased borrowing would be offered on one of the lender's new products at the time.

tbrain

Thanks alot!