Remortgaging- self employed for 3 months

essex_1988

Hi I previously worked for a company but due to family circumstances gave it up and now looking for a job. I'm looking at becoming self employed but I am worried as our mortgage is up for renewal in September and we wish to burrow more money to improve the house 

Has anyone else become self employed and then remortgages very soon afterwards? 

Have u had any issues 

Sandtree

is your self employed life in any relation to your previous career?

I got a whole sales pitch from a broker on mortgages for contractors and being able to basically being able to use previous career history as part of the application however finally managed to get a word in an point out it was irrelevant as I'd been doing it for a decade already so had plenty of records etc... no idea if it was just sales patter or if there are lenders that will look wider in some circumstances.

essex_1988

Nothing to do with previous career, it will be totally different 

K_S

@essex_1988 Unless there's a clear, direct and substantial link between your employed history and new self-employment (for example Doctor employed by GP practice to a Partner in the GP practice), you aren't likely to find a lender willing to consider self-employed income with only 3 months history.

There are as many lender approaches as there are self-employed permutations and combinations, but in this case, from the lender's pov, there's nothing at all to go on when assessing whether your income is sustainable or not.

Generally speaking, you would need to have at least a year's trading history to get a look in.