Changing a job vs remortgage

wrrrrmrrr

I am just having a question, I hope it's fine.

We bought a house on 19th December 2018  with mortgage (fixed rate with 2 year deal) with Newcastle Building Society and we were planning remortgage this year. 

My husband is thinking about changing his work (permanent contract) and thinking about changing it to self-employment (private limited company or sole trader I think)

Could he do it before remortgage? Will it affect chances for a good deal?
His boss is a real miser and paying minimum wages for full time maintenance job, my husband wants to work for himself now and find new customers.

If he cannot and we will decide not to remortgage this year will our monthly pay increase?
Should we remortgage earlier and pay early repayment fee?

He is really angry that he would need to stay with his boss until December (or longer as winter is not a good time work work change).
Any ideas/advises I would really appreciate.

Sistergold

Hello there
at time of remortgage changing jobs will not matter if you stay with your current mortgage provider as there won’t be eligibility paper work to complete it will just be a product switch. If you want to shop around god best deals with other providers then your nightmare will begin intact it will be impossible on self employment without 3 years of accounts even then it’s a bit difficult as you are more risky client. 

So yes he can quit his job and then you just get the best deal you can get from your current provider

Thrugelmir

Why are you planning to remortgage to a new lender? What's the penalty on the current mortgage product? 

wrrrrmrrr

Sorry guys for late reply. Early repayment fee on my current mortgage is £1400. I thought to be honest that remortgage is switching to another provider. Is it not then? In my mortgage contract I can see that afer 2 years my monthly payments will increase to £842 a month (now paying £655). 
So can I remortgage with my current provider and will I get a better deal that paying currently? If it is just a product switch what is the probability that they will do checks?
Thank you for your replies. We're starting to see the light at the end of tunnel.

wrrrrmrrr

Oh and one more thing. Would it help if I would be over paying my mortgage for next months. Will it be less probalbe that bank will do affordability check please? Thank you 

csgohan4

Changing to self employed means he will need at least 1 years SA302 in the new job, preferably 2 years+. 

Perhaps best come Dec to look at your lenders retention products which are accessed usually around 3 months before your rate ends

Overpaying is always a good thing what ever the circumstance. But as above if self employed with no SA302 to show, you will unlikely be able to change to another lender

Unicorn_cottage

Overpayments won't affect the affordability checks. Overpaying is generally good. If you overpaid would it get you into a lower ltv bracket? Personally I would stick with your husband's current employer as it helps you switch mortgage provider IF you can find a good deal that doesn't cost the earth. Could you husband start building up his clientele by doing some work at weekends or outside his normal working days?

wrrrrmrrr

My husband wants to change his job asap so we would stick to current lender for now and we will remortgage after next fixed rate term ends. We were not overpaying yet we are planning to start now.
Thank you very much for your replies