Going self-employed - what will I need to do at end of mortgage term?

lmitchell

Hi guys,

Looking to go self-employed as a copywriter in summer 2017.

My fiancee and I are currently on a 5-year fixed term rate which expires in November 2021. What will I require when we come to remortgaging in 2021?

Many thanks.

kingstreet

If you want to change lenders, sufficient income which can be verified by the usual HMRC documentation - lenders typically average latest two years' net profits.

If you want a customer retention product from existing lender, possibly nothing you would need to check your lender's policy.

lmitchell

Hi there,

We're with Virgin Money - it's actually November 2020 when our fixed rate expires. Does anyone happen to know their policy re. customer retention deals?

Many thanks.

lmitchell

It says we can switch online without contacting them directly providing:

• You want to pick your own product and do not require advice (known as 'execution only' if your mortgage is residential or 'non-advice' if your mortgage is buy-to-let).
• You have a residential or buy-to-let mortgage with us and your deal ends within 120 days, or...
• ...you are already on a Standard Variable Rate or Buy-to-let Variable Rate mortgage.
• You can afford your payments. (For example, there has been no reduction in salary or working hours, no increase in your outgoings, or if you are a landlord, no reduction in rent.)

If our combined household income remains the same (My fiancee earning more and my self-employed income a little less than my existing income) I assume we could just go ahead and renew online?