June 17th, 2025
Here’s How to Prepare and Boost Your Chances of a Better Deal
If you’re self-employed, you’re probably used to doing things a little differently.
Renewing your mortgage is no exception. Whether your current deal is coming to an end or you just want to be prepared, it’s worth knowing how you can get the best possible deal.
Here’s what to think about, what to gather, and how to best position yourself for a smoother and more cost-effective mortgage renewal.
First Things First: When Should You Start Thinking About Renewal?
Most mortgage deals (especially fixed-rate ones) run for two, three or five years. Ideally, you should start looking at your renewal options around six months before your current deal ends.
Why? Because if you don’t arrange a new deal in time, your lender will likely move you onto their Standard Variable Rate (SVR), which is often much higher than your current rate.
What’s Different for Freelancers?
If you’re employed, renewing can sometimes feel like a tick-box exercise. For freelancers, it can be a bit more involved. Your income may fluctuate, your tax setup might be more complex, and you might have a mix of contracts or projects behind you.
The good news? It’s absolutely possible to get a competitive deal when you’re self-employed – you just need to know how to present your situation in the right way.
Documents You’ll Need to Have Ready
Having the right paperwork in place can make the process much faster and easier. Here’s what lenders typically want to see from freelancers:
- Two to three years of SA302s or tax calculations (you can get these from your HMRC account)
- Corresponding tax year overviews
- Business accounts, ideally signed off by a qualified accountant
- Proof of upcoming work (especially if your income is project-based or seasonal)
- Bank statements – personal and sometimes business, depending on the lender
But don’t worry if you don’t tick every box – some lenders are more flexible than others. This is why having a mortgage broker who understands self-employment can make a huge difference.
How to Improve Your Chances of a Better Deal
Even if your first mortgage felt like a hassle, renewing can be much more straightforward, especially if you’ve built up equity or your income has grown. Here are a few tips to strengthen your position:
- Check your credit score and correct any issues in advance
- Pay down debts where you can, to reduce your monthly outgoings
- Keep your accounts up to date – lenders like to see recent, well-organised finances
- Don’t wait too long – you’ll have more options the earlier you start
- Use a specialist broker who knows how to package your application effectively
Can You Switch Lenders?
Absolutely. You’re not tied to your original lender, and switching could save you thousands over the life of your mortgage.
That said, moving to a new lender often involves a full affordability check and new paperwork, so make sure you’ve got time and support to explore the market properly.
If you’re short on time or your income is a bit complex, staying with your current lender on a product transfer (switching to a new deal with them) can be a quicker option, but it may not be the most competitive.
Final Thoughts
Your mortgage renewal is a great opportunity to keep your monthly payments manageable, as well as to secure a better deal for your current financial situation. As a freelancer, being prepared is even more important.
At CMME, we specialise in helping self-employed professionals like you.
We know how to put your complex income in the best light – and we’ll help you understand your options, prepare your documents, and find a mortgage that works for the way you work.
Book a call with our advisors if your mortgage deal is ending soon: