Remortgaging and self employed

lindaylou101

Hi, I have 3yr mortgage with Santander ending Feb 2023. I am self-employed (limited company) and my annual accounts (21/22) are due to be completed on October 31st. I have been self-employed since 2015 and have earnings of about £55k per annum but due to the impact of the pandemic my 20/21 earnings have been impacted and are lower. Mortgage deals/interest rates are going up by the hour and I'm trying to secure a 5yr deal ASAP. Can you advise what banks will accept an accountant's certificate of earnings for 21/22 as my HMRC record has not been filed yet. Thanks for any advice, Linda  

K_S

@lindaylou101 Hasn't Santander sent out a direct product-transfer rate yet? I thought they did that 4/5 months before the end of the fix and I'm assuming your fix ends 02-Feb-2023?

A PT with Santander should involve no income/credit checks and the rate offered is likely to be as/more competitive that what you can get from other lenders.

lindaylou101 said:

Hi, I have 3yr mortgage with Santander ending Feb 2023. I am self-employed (limited company) and my annual accounts (21/22) are due to be completed on October 31st. I have been self-employed since 2015 and have earnings of about £55k per annum but due to the impact of the pandemic my 20/21 earnings have been impacted and are lower. Mortgage deals/interest rates are going up by the hour and I'm trying to secure a 5yr deal ASAP. Can you advise what banks will accept an accountant's certificate of earnings for 21/22 as my HMRC record has not been filed yet. Thanks for any advice, Linda  

lindaylou101

Thank you @K_S

No, nothing from them. I'm planning on calling them in the morning. Looking at almost 6% interest rates though. Feels like every time I press the refresh button interest rates are going up. I could cry! Then its the gamble of 2yr, 3yr, 5yr mortgage. I know we'll not get 0% back again but it's hard to tell when rates will drop back, if at all!

K_S

lindaylou101 said:

Thank you @K_S

No, nothing from them. I'm planning on calling them in the morning. Looking at almost 6% interest rates though. Feels like every time I press the refresh button interest rates are going up. I could cry! Then its the gamble of 2yr, 3yr, 5yr mortgage. I know we'll not get 0% back again but it's hard to tell when rates will drop back, if at all!

@lindaylou101 While you're waiting to speak to them, do check online to see if you are being offered any rates yet
https://www.santander.co.uk/personal/mortgages/existing-customers/change-your-mortgage

If you’re within 4 months of the existing deal coming to an end, you should be able to see the rates being offered to you there.

lindaylou101

Thank you again @K_S I've managed to check, and yes I can get one for under 6% (can't believe I'm saying that!). Just a quick question - does the new rate come in straight away or when my other initial term comes to an end in Feb 2023?

Thank you for all your help. 

K_S

lindaylou101 said:

Thank you again @K_S I've managed to check, and yes I can get one for under 6% (can't believe I'm saying that!). Just a quick question - does the new rate come in straight away or when my other initial term comes to an end in Feb 2023?

Thank you for all your help. 

@lindaylou101 As it's a direct app and I know very little about the direct process, I don't want to unknowingly give you incorrect information. If the online system doesn't answer your question (it should be clear tbh), you should confirm it with them over the phone before applying.

lindaylou101

OK thanks @K_S

Thank you for being there, feel like I'm having a mortgage meltdown at the moment!