Remortgage - partner just become self employed

lcc86

Hi,

My partner and I have had a mortgage with Lloyds for 2 years. We were both full time employed at the time. My earnings have increased since then and in theory cover the majority of the mortgage. My partner has just changed jobs and is technically self employed now, but we need to remortgage in a couple of months.

We have a very low LTV of 51% so plan to stay with Lloyds as their rates are good and it's not financially worthwhile paying fees with another provider to get a better rate. However we technically can't prove his income since he's turned self employed (literally a few weeks ago). Is this going to be an issue? I wanted to fix our term for a lot longer this time to give him time to build up accounts ready for whenever we next have to remortgage but am concerned the bank will think we can't afford it.

csgohan4

online retention products require no credit checks or employment checks, you might want to consider this

lcc86

csgohan4 wrote: »

online retention products require no credit checks or employment checks, you might want to consider this

Thanks, this isn't something I've heard of before, do you know where I could find out more information?

Jockeyjames

Call up Lloyds and say that you would like a Product Transfer.

As long as you aren't looking to raise any extra capital, they won't need to do any extra affordability checks

Neutrinno

lcc86 wrote: »

Thanks, this isn't something I've heard of before, do you know where I could find out more information?

Hope this helps.

https://www.lloydsbank.com/mortgages/existing-customers/switching-deals.asp

kingstreet

lcc86 wrote: »

Thanks, this isn't something I've heard of before, do you know where I could find out more information?

A new product with your existing lender is a customer retention product; or a product for those whose deal is coming to an end.

A remortgage is a new mortgage from a new lender to repay the old one.

lcc86

Ah thanks for the clarification, I'd always called it a remortgage, didn't realise it went by another name. Thanks for the advice, this has put my mind at ease as I couldn't remember what checks did / didn't happen at the time of renewing a deal.