Remortgaging and looking at going self employed

Donnie2306

Hi. I bought my house a year ago and I'm due to remortgage in eleven months. I have never missed a bill etc, my credit rating is pretty good

I was looking to become self employed by the start of the summer with a new job I have been saving up to get the qualifications to do. 

I have heard you need to have 3 years worth of books for somebody who is self employed to be looked at for a mortgage?

This would be as a sole trader. 

Donnie2306

In this year I have also recently taken out a car on PCP for 4 years which I am now regretting. It's around 300 a month. 

K_S

@donnie2306 Generally speaking, you will need a minimum of 1 full year's accounts to be able to use your self-employed income for a mortgage. 2 years is the sweet spot and a minority of lenders require a minimum of 3 years.

A 'remortgage' involves changing lenders for which you will need to go through the whole mortgage process.

As long as you don't need to increase borrowing, you could also look at doing a product-switch/product-transfer/rate-swicth which is simply selecting a new fixed rate with your current lender. This normally involves no income checks, credit checks, etc. If you are with a mainstream lender (the likes of Halifax, Nationwide, Natwest, HSBC, etc.) then you're unlikely to lose out by much by sticking to the current lender.