Remortgage When Self-Employed
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Remortgage When Self-Employed
Joe Capon explains how remortgaging works for the self-employed.
Podcast approved by The Openwork Partnership on 27/05/2026.
Is it harder to remortgage if you are self-employed?
I wouldn’t say it’s harder than for someone who’s employed. You still go through the same process as an employed person, and the lending criteria are the same as when you bought the property.
The only extra documents a self-employed person needs to provide are tax returns and tax year overviews – either for the latest year or the last two years, depending on what you’re looking to do.
My advice is to be as prepared as you can. You can start the remortgage process six months before your current product ends, which gives you plenty of time to explore your options.
How long do you have to be self-employed to remortgage? Can you remortgage if you are newly self-employed?
Just like when you’re buying a property, you ideally need to have been self-employed for at least 12 months. This will restrict you to certain lenders, but remortgaging is possible. I would always advise you to seek advice from a mortgage advisor in this situation.
If you’ve got two years’ worth of tax returns, that opens up more lenders. Again, seek advice on the options, rather than potentially being declined by your local bank or a lender you thought would accept you.
How does the self-employed remortgage process work?
The remortgage process is the same for you as for the employed, but you just have slightly different documents to provide. Instead of payslips, you will need to provide one or two years’ tax returns and tax year overviews.
You can get these either from your accountant or from the portal on the HMRC website.The new lender will carry out a credit search on you and use your tax returns to cross-reference the information on the application.
They will also do a valuation on your property to make sure it’s suitable for mortgage purposes. A mortgage offer would normally be issued once all the checks have been done.
You then have a legal company appointed by the new lender, to take you through to completion.
Sometimes remortgages can be a bit complex, so it’s helpful to seek advice from a mortgage professional. We explain the process to you and go through what’s involved, to give you clarity on whether remortgaging is right for you or if you’re better off staying with your current lender.
Can you remortgage with no proof of income?
To remortgage to a new lender, proof of income is always needed – it backs up what’s been put on the application. If your circumstances have changed, it may be advisable to stay with your current lender for a product switch, also known as a product transfer.
A product transfer won’t require any proof of income, but you can only select products from your current mortgage lender, which could potentially end up costing you more. Again, in these circumstances, seek advice on the most suitable approach.
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Can I remortgage if I have bad credit?
Potentially, yes. It would depend on what the bad credit is, when it happened and how much it was for. In these circumstances, get a copy of your credit file. If you’re unsure, seek advice – as moving to a new lender could potentially be more costly than staying with your current one.
That’s not always the case, though, and our advice will be tailored to the exact situation. Talking it through is the best way moving forward. Once you have the options in front of you you can make the right decision from there.
Can a self-employed person be declined a remortgage?
If you’re trying to remortgage to a new lender, yes, you can be declined. The new lender may not accept you if you have bad credit or your income is outside of their lending criteria.
If, over the last few years, your business has seen a reduction in profits, they may only take that year’s figures from your tax returns. This may cause you an affordability issue. Any recent bad credit might put you outside that lender’s criteria – or perhaps your property is not acceptable to the new lender. There are a few factors to take into account.
A mortgage advisor will go through everything with you and check your property for any issues. If the case is a bit complex, it’s important to explore different directions.
Sticking with your current lender could cost you quite a lot of money, especially over two, three or five years. By knowing what’s open to you, you can make an informed decision on whether to move to a new lender or not.
How can I better my chances of a good remortgage as someone who is self-employed?
Preparation is key. If you own a company, have your accounts in order for the last two years, and gather your last two years’ tax returns. Try to avoid any large drops in profit, because a lender could ask questions around that and even decline you on that basis. Consistency, especially over the last two years, will be vital.
A mortgage broker will assess your circumstances, go through the documents the lender will need and give you an accurate indication of the right lender for you. It’s not just about maximising your borrowing, but also to get you the best potential savings over the next two, three or five years.
What are the benefits of remortgaging?
If you’re coming to the end of your fixed rate and you don’t remortgage, you will move onto your lender’s standard variable rate. That’s normally quite a lot higher than the rate you’ve been on and your payments will increase significantly.
The purpose of a remortgage to a new lender is to save as much money as possible. Normally, you can start the remortgage process six months before your fixed rate ends, which gives you time to get a new mortgage in place.
You’ve demonstrated how a mortgage broker can help – is there anything else you’d like to add?
At The Mortgage Bubble, we help homeowners remortgage to the right lender while saving as much money and time as possible. We start by understanding your circumstances, then assess the right lender for you and handle the whole process for you.
A mortgage advisor just helps save you headaches – we can prevent a decline by having a professional look at your circumstances.
Key Takeaways:
- Remortgaging for the self-employed involves the same overall process and lending criteria as for employed individuals, but requires different documentation.
- Instead of payslips, self-employed applicants must provide one or two years’ worth of tax returns and tax year overviews as proof of income.
- Preparation is key: you should ideally have been self-employed for at least 12 months, and maintaining consistent profits over the last two years is vital to improving your chances of approval.
- You can begin the remortgage process up to six months before your current fixed-rate product ends, which is advised to prevent defaulting to a significantly higher standard variable rate.
- Seeking advice from a mortgage advisor is beneficial for complex situations (such as bad credit or reduced profits) to explore all options and potentially prevent a decline from a new lender.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 27/05/2026.
Published 05/2026.