Remortgaging but circumstances changed?

A reader is preparing to remortgage, but his wife has become self-employed.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes him through the problem.

Steve from Fleet asks:

Hi,

We are coming to the end of our current mortgage offer.

However, our salary circumstances have changed and my wife is now self-employed.

Her business is very new so we don't have much in the way of accounts.

What mortgages are best for self-employed, do all lenders support this and what records do they require?

Tony replies:

I cannot give you individual advice and recommendation without completing a full fact finding session and identifying what type of mortgage would be appropriate to you.

The starting point for you should be to find out what deal, if any, your existing mortgage company would offer; you already have the debt with them and are servicing it, as such rate reviews for existing customers usually do not necessitate a review of your financial position.

With this information in hand you will be able to speak with an independent mortgage advisor to see if a more appropriate solution can be found other than the one being offered to you from your existing lender, taking into account your altered circumstances.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority.