Remortgage now or later?

PollyLolly

Hello

We want to remortgage to get a better deal. My husband is the main applicant and is an employee. I'm self employed and have got SA302 forms but they show my income declining. I'm starting a part time job after Easter but on low pay. Do you think we're better off remortgaging now with my SA302 forms showing declining income or to wait until I've been in new job for 3 months? My new salary as employee will be approx. same as my most recent tax return. Previous self employment years were much higher.

Many thanks
Polly

kingstreet

If you show declining profits, lender will take latest year's net profit as your income and not the average of two or three years.

If this is about the same as your PAYE earnings, it might make little difference.

Only issue, you may be asked to explain the falling profits if you go that route...

PollyLolly

Thank you. Actually, the main drop in income is for end of April 2015 which is what prompted me to seek regular part time job which I'll top up with some freelance. The SA302s show increase from 2011 to 2013 and then just slight reduction for end of April 2014. That income is nearly double my new PAYE so better to remortgage now? I wondered if employee status was looked on more favourably (even if lower) than self employed.

Many thanks
Polly