First Remortgage, Gone Self-Employed

r_mac

Hi all,

My wife and I own half of a shared ownership flat in London. We're coming to the end of our 2 year "introductory rate" and would like to remortgage.

She's been self-employed for years and has accounts to back it up. I was employed for 6-7 years leading up to our house purchase, was on my second 6-month contract when actually taking out the mortgage and then went fully self-employed in the months after getting the house.

By the time we're due to remortgage, I'll only have one years accounts sorted. I've been advised that perhaps I'll be able to "port" to another product from my existing lender with no issue, but was wondering what the forum thought?

kingstreet

It's a customer retention product from your existing lender you are looking for. Porting relates to moving house.

A remortgage (a new mortgage from a new lender to replace the old one) maybe problematic.

amnblog

As KS says.

Current lender options, highly probable

Alternate lender options, unlikely

r_mac

Thanks both for the information.

Do you expect these retention deals to be any good at all? I'm more or less at 2% on the mortgage, which should bounce up to ~4.5% at the end of the term. Would they give me anything approaching 2%?

amnblog

Normally you would be offered something close to or better than you have as rates have dropped.