Remortgage without a job

thewarmcoconut

Hey guys just wanted a bit of help.

Last year I decided I didn't want to work full time or part time for any company because I can easily make enough money to cover all bills and such by just doing odd jobs and mystery shops here and there. It's been going great, I even manage to pay the extra 10% each year no problem, but I only signed on to a 2 year mortgage so it will end mid 2020. I know I can easily just remortgage with the same bank online with no problem, but it won't be the best rate out there.

I was wondering would I be able to change mortgage provider with little evidence of work apart from fairly consistant bank deposits and savings, also quite a high percentage of the house paid off, I will owe around 45K on a 150K house. Any ideas? Will I just have to remortgage with the same bank?

newsgroup_monkey

Surely because you earn money, you're putting in a tax return?

sal_III

You are essentially self-employed - plenty of Lender will lend you money. Most of them accept SA302 tax calculation from HMRC (or whatever it's called nowadays) as proof of income.

If you haven't been paying taxes on your income, you have bigger problem, than not being able to switch mortgage provider. I would suggest you have a chat with an accountant on how to handle the situation.

foxy-stoat

thewarmcoconut wrote: »

but it won't be the best rate out there.

How do you know that?

JayCeeEssex

I am sure that non of the following will apply to you, but as you have not mentioned anything about your personal accounts or tax status. You may want to consider the following:

1) If you are self employed (which you are), whether you are showing a profit or a loss, HMRC expect you to declare your income. If it becomes apparent to them that you have been neglecting declaring your income, expect quite a serious fine!
2) As you are self employed, ALL lenders will require sight of your last two years (often three years) Tax Year Overviews and Tax Calculations to evidence affordability...the old SA302's
3) If you go to any broker, they are likely to refuse to deal with you because of 2 above.

If any of the above applies, I would suggest that an urgent communication with an accountant and then your tax office should be your first priority!

muhandis

It depends on how your self-employment is set up. At the minimum you will need tax return related docs as evidence of income.

In your place, if I was with a high-street lender paying mainstream-ish rates, I would just do a zero-cost & effort product transfer when the time comes. With a relatively small 45k mortgage, any savings in interest over the "best rate" available will probably be negated by the costs of a remortgage.

For instance a 0.20% interest rate saving by remortgaging to another lender in your case means just £90 over one year.

thewarmcoconut wrote: »

Hey guys just wanted a bit of help.

Last year I decided I didn't want to work full time or part time for any company because I can easily make enough money to cover all bills and such by just doing odd jobs and mystery shops here and there. It's been going great, I even manage to pay the extra 10% each year no problem, but I only signed on to a 2 year mortgage so it will end mid 2020. I know I can easily just remortgage with the same bank online with no problem, but it won't be the best rate out there.

I was wondering would I be able to change mortgage provider with little evidence of work apart from fairly consistant bank deposits and savings, also quite a high percentage of the house paid off, I will owe around 45K on a 150K house. Any ideas? Will I just have to remortgage with the same bank?