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If you are self-employed, have bad credit and want to remortgage your home, you may think it will be a near impossible goal to achieve.
While there will be hurdles to overcome and nothing is guaranteed, the good news is that there could be a deal out there that is right for you.
It all comes down to the lender you apply to and the support you receive along the way to prepare your application. Here we explain more about what to expect in your remortgage journey.
The main difference between self-employed and employed remortgage applicants is the type of income proof requested by lenders.
As long as you can demonstrate that you can afford to maintain the repayments and meet the other parts of the lender’s criteria, you stand a good chance of being approved.
The type of financial documents you will be asked to provide can vary depending on your self-employment status. For example, a lender may ask a sole trader to provide different proof compared to a company director.
In the first instance it’s a good idea to speak with someone who can offer advice based on your specific circumstances. The Willows team can guide you through the application process and ensure you are matched with the most appropriate lender.
If you decide that remortgaging is the right move for you, we can match you with lenders that offer deals to self-employed applicants with current or previous credit issues. This includes cases that involve mortgage payments, defaults and County Court Judgments (CCJs).
It is a good idea to deal with a specialist lender in situations like these, as they tend to accommodate higher levels of risk. Most will want to know:
Each lender has its own eligibility criteria, so although the application process is broadly similar for many, some may have additional steps in place, such as asking you to provide specific documents, information or questions related to your financial history.
Lenders will also carry out a credit check before they accept or reject an application. However, whilst it is not possible to get a new mortgage without a credit check, we do work with lenders that employ a ‘no credit score policy’.
This means they will not base their decision on your credit score whilst assessing your application. They understand that a credit score does not always offer a complete picture of a person’s circumstances, so your overall ability to afford the new mortgage will be key.
Not only do they want to ensure that the risk is as low as possible on their part, but they also want to check that you will not be putting yourself into financial difficulty by taking on an unaffordable mortgage.
You won’t necessarily need to use an accountant to apply for a bad credit self-employed mortgage, as there are few different factors to consider.
Lenders may request that you provide an accountant’s certificate if you:
If you’re a sole trader who completes your own self-assessment, lenders will typically ask you to provide your most recent tax calculations and overviews.
To get more clarity on where you stand and the type of information you need to supply, get in touch with the Willows team who will be more than happy to help.
Getting a quote won’t affect your credit score
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There are lots of ways you can apply to a lender directly, although their eligibility criteria may not be suitable for your circumstances, which could mean you are declined.
Making too many borrowing requests in a short space of time can make lenders more cautious, so given your circumstances it helps to take a more targeted approach.
If you are self-employed people and have bad credit, using a broker can give you a better chance of being approved. Not only can they match you with a specialist lender, but they will have access to products that are not usually available to the wider public.
Before you apply for a bad credit self-employed remortgage,
you may find it helpful to consider the following:
Taking on a new mortgage is a big financial responsibility so it’s important you get it right – especially if you have concerns about your credit history.
The Willows team have years of experience helping customers with bad credit to find the right remortgage deal to suit their finances.
To find out more about how we can help, you can speak with a member of our team today by calling 01656 766 158.
If you have a question – we’d be happy to talk to you – simply call us…
(Mon-Fri 9am-8pm, Sat 10am-1pm)
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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