Remortgage and going self employed

[Wannabeprimarytutor]

I am looking at quitting my teaching job to become a tutor. However my mortgage is due for renewal in March 2028. I wouldn’t have 2 years of accounts by this point. Can anyone advise? Would it be stupid to do this? Would I be able to get a decent rate. We have a lot of equity in the house but we’re hoping to get a much better deal as we were victims of the Kwasi Kwarteng mortgage f**k up.

If you stick with the same provider you don't need to re-do your affordability. Who are you with currently? If it's one of the big lenders I would think their rates will be reasonably competitive

Thanks I think it’s the Halifax

I have a Halifax mortgage which I took out in 2019. It has been renewed every 2 years and I've not had to provide any new info about my situation. Did you go direct or via a broker?

That’s encouraging. We have always used a broker which I think has really helped.

Yes same. I have mortgages with Natwest, Santander and Halifax and have never been asked for proof of income info on renewing. Obviously I have paid all my instalments on time.

You could double check with the broker in more of a hypothetical way and see what they say? I wouldn't explicitly say you are going self employed because he may be duty bound to share that information with the lender if he knows.

Yes as PP the usual way people play it is by staying with the same provider until they have enough accounts. I did that years ago when launching my company.