Help please .... Fixed term ending, but now self employed. options?

Bassett1_2

Hi

My fixed term rate is coming to an end, but since taking the mortgage out I am now self employed. If I decide to take another fixed rate does this have to be taken into account? If it is refused due to only being self employed for a short time, what happens to my existing mortgage?

Advice please.. Many thanks

amnblog

Depends on your lender, they should switch without a problem in most cases.


Inability to switch means you stay on the reversion rate.

kingstreet

Ask your existing lender about a customer retention product which may be be available to you without further status or income checks.

Most remortgage products won't be available to you until you have two years self-employed income and can prove affordability to a new lender.

If you do nothing, you will roll onto the "follow-on" rate described in your mortgage offer, usually the lender's standard variable rate.