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  • FIRST POST
    • lcc86
    • By lcc86 5th Jul 18, 8:12 AM
    • 1,104Posts
    • 4,233Thanks
    lcc86
    Remortgage - partner just become self employed
    • #1
    • 5th Jul 18, 8:12 AM
    Remortgage - partner just become self employed 5th Jul 18 at 8:12 AM
    Hi,

    My partner and I have had a mortgage with Lloyds for 2 years. We were both full time employed at the time. My earnings have increased since then and in theory cover the majority of the mortgage. My partner has just changed jobs and is technically self employed now, but we need to remortgage in a couple of months.

    We have a very low LTV of 51% so plan to stay with Lloyds as their rates are good and it's not financially worthwhile paying fees with another provider to get a better rate. However we technically can't prove his income since he's turned self employed (literally a few weeks ago). Is this going to be an issue? I wanted to fix our term for a lot longer this time to give him time to build up accounts ready for whenever we next have to remortgage but am concerned the bank will think we can't afford it.
    http://forums.moneysavingexpert.com/showthread.php?t=5124473 - my original diary
    720/1000 EF 470 saved for household jobs
    Debt free and in the black for the first time in 11 years
Page 1
    • csgohan4
    • By csgohan4 5th Jul 18, 8:14 AM
    • 5,166 Posts
    • 3,285 Thanks
    csgohan4
    • #2
    • 5th Jul 18, 8:14 AM
    • #2
    • 5th Jul 18, 8:14 AM
    online retention products require no credit checks or employment checks, you might want to consider this
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • lcc86
    • By lcc86 5th Jul 18, 12:52 PM
    • 1,104 Posts
    • 4,233 Thanks
    lcc86
    • #3
    • 5th Jul 18, 12:52 PM
    • #3
    • 5th Jul 18, 12:52 PM
    online retention products require no credit checks or employment checks, you might want to consider this
    Originally posted by csgohan4
    Thanks, this isn't something I've heard of before, do you know where I could find out more information?
    http://forums.moneysavingexpert.com/showthread.php?t=5124473 - my original diary
    720/1000 EF 470 saved for household jobs
    Debt free and in the black for the first time in 11 years
    • Jockeyjames
    • By Jockeyjames 5th Jul 18, 1:06 PM
    • 10 Posts
    • 4 Thanks
    Jockeyjames
    • #4
    • 5th Jul 18, 1:06 PM
    • #4
    • 5th Jul 18, 1:06 PM
    Call up Lloyds and say that you would like a Product Transfer.

    As long as you aren't looking to raise any extra capital, they won't need to do any extra affordability checks
    • Neutrinno
    • By Neutrinno 5th Jul 18, 1:31 PM
    • 222 Posts
    • 103 Thanks
    Neutrinno
    • #5
    • 5th Jul 18, 1:31 PM
    • #5
    • 5th Jul 18, 1:31 PM
    Thanks, this isn't something I've heard of before, do you know where I could find out more information?
    Originally posted by lcc86
    Hope this helps.

    https://www.lloydsbank.com/mortgages/existing-customers/switching-deals.asp
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 5th Jul 18, 1:48 PM
    • 34,351 Posts
    • 18,658 Thanks
    kingstreet
    • #6
    • 5th Jul 18, 1:48 PM
    • #6
    • 5th Jul 18, 1:48 PM
    Thanks, this isn't something I've heard of before, do you know where I could find out more information?
    Originally posted by lcc86
    A new product with your existing lender is a customer retention product; or a product for those whose deal is coming to an end.

    A remortgage is a new mortgage from a new lender to repay the old one.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • lcc86
    • By lcc86 5th Jul 18, 8:12 PM
    • 1,104 Posts
    • 4,233 Thanks
    lcc86
    • #7
    • 5th Jul 18, 8:12 PM
    • #7
    • 5th Jul 18, 8:12 PM
    Ah thanks for the clarification, I'd always called it a remortgage, didn't realise it went by another name. Thanks for the advice, this has put my mind at ease as I couldn't remember what checks did / didn't happen at the time of renewing a deal.
    http://forums.moneysavingexpert.com/showthread.php?t=5124473 - my original diary
    720/1000 EF 470 saved for household jobs
    Debt free and in the black for the first time in 11 years
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