Mortgage - Self Employed

brumptk

Hi, 

I took out an interest-only mortgage back in 2003 for my first and still my current home. Then in 2007, I became fully self-employed. Around this time my mortgage lender on the phone pretty much said to me 'we will pretend you have not told us', basically saying that given my new income and status I wouldn't actually be eligible. 

I have never missed a payment although in the pandemic I did have to take a payment break for 3 months, my business had to close on all three of the lockdowns. 

I literally work 6 jobs to make ends meet as I live on my own. One of the self-employed positions I have recently started will bring in more income. 

I have received a letter from my mortgage lender wanting me to tell them my plans for my mortgage, which I have been anticipating but burying my head in the sand!

They have given me options to up my payments by converting some or all of the mortgage to a repayment basis. I am wondering whether this is an option or to also consider an ISA of some sort. 

Katie 

simon_or

Unless you're on a great rate that you can retain by sticking with your bank, I would first speak to a broker to get a proper idea of what my remortgage options are. As a self employed person myself, things have moved on a lot in the last 10 years and there are a lot of options open for most self employed situations so it's worth a look.

I would then compare that to the options that my bank is offering me.