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REmortgage for self-employed
gerardflanagan
Posts: 182 Forumite
I have a 5 year fix started Nov 2015, ending Nov 2020. In Sept this year, I may quit my 9-5 and start my own business. Will this make it difficult to remortgage in 2020? I assume my current mortgage will default to an appalling rate in Nov 2020. Thanks.
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Comments
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gerardflanagan wrote: »I assume my current mortgage will default to an appalling rate in Nov 2020.
Before assuming too much. Who is your current lender?0 -
It's with halifax. It is at 2.74% until 2020. Then it reverts to 3.99%.0
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By the time you remortgage, you will / should have 2 years trading records underneath your belt. This is what lenders will assess when it comes to remortgaging away from Halifax.
As long as your accounts / books can justify the same amount as your outstanding mortgage liability at the time of your remortgage, you should be fine.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
You will also have the option of getting a customer retention product (ie a new fix or tracker mortgage) with the Halifax a few months before your 5-year fix ends. That usually does not involve new credit checks or checks of your employment status as long as you are not increasing your borrowing or altering the term of your borrowing. And it can usually been done online in minutes.
Halifax's customer retention products may not be the most competitive at the time you want to switch but could be a good hassle-free option.0
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