Self Employed Remortgages – Beat The Crunch

Don't believe the hype - the credit crunch has not destroyed the UK mortgage market yet. A lot has been written about rising rates and tightened credit in these tough economic times, but it is still very possible to find yourself a mortgage, especially self employed remortgages. So don't be put off by the crunch - if you are coming to the end of your self cert mortgage term, there are some simple things to do to make sure that you beat the hype and find self employed remortgages with the minimum of stress.

The first thing to remember is that lenders still want to lend mortgages. It is true that some smaller specialised lenders have closed their doors, and some others have limited lending, but the UK mortgage market is huge - there are still plenty of self employed remortgages out there. The crunch hasn't killed the market, it has just made lenders rethink their strategies - for years the sun has been shining on the UK housing market and economy as a whole but now everyone is readjusting to a cooler climate. Mortgage lenders were able to lend low rates to a lot of people as house prices rocketed - it was a dream situation, but a situation that couldn't last forever. Now, when you begin searching for the best self employed remortgages you are going to find things are a little more calmed.

So that means higher rates for everyone, especially riskier borrowers like the self employed who cannot prove their income. But lenders have not priced their mortgages out of the market completely: there are still thousands of self employed remortgages, so there is still competition between lenders, which means rates are staying as low as possible. You may find when it comes to self employed remortgages there will be a slight rise, but nothing you will not be able to handle with some prudent planning.

And as a remortgager, a lender is going to be happy to lend to you. Pricing for self employed remortgages is based on your credit score and, more importantly, your existing information with that lender. So if you have been a good mortgage borrower and have kept up your credit score, a lender will be happy to offer you self employed remortgages.

Of course, the credit crunch has reminded all of us that there is no room for complacency when it comes to taking out a mortgage, even simple self employed remortgages. Lenders are more than happy to say no in these lean times, so even if you are a safe bet borrower make sure you are too good to refuse. Have a plan of action for the entire term of the self employed remortgages to show the lender that you are ready for any eventuality. Lenders of self employed remortgages want borrowers to be aware that the crunch has put a strain on everyone, so get your accounts in order, check your credit rating and prove that you are a person who deserves self employed remortgages.