“My mortgage term is coming to an end soon, how much can I save by remortgaging?”
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If you are on a fixed rate mortgage deal, it’s likely your lender will automatically move you to their standard variable rate. Sign up to a better, alternative deal now. As a specialist contractor mortgage broker, we’ll find you the most competitive mortgage for your circumstances.
With the Bank of England base rate currently at 0.1%*, now could be a good time to review your mortgage. Could you save on your monthly mortgage payments? Time to review your current mortgage and consider if a remortgage is right for you.
In recent years, more and more lenders are becoming aware of the unique circumstances surrounding self-employed professionals. Although it must be noted that this service is nigh on impossible to find at a branch level.
“If you haven’t reviewed your mortgage recently and not taken advantage of the record-low fixed rates, you may want to consider it now.” says Super Contractors Managing Director Gordon Hunter. “Securing a fixed rate deal could be your answer to avoid the impending increase. It all depends on your circumstances and whether a switch is right for you at this moment.”
Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a Day Rate contractor.
Remortgaging can be a relatively straightforward process. First of all, check out your current financial situation:
- When your rate is due to expire (it may already have expired).
- How much you are paying each month for your mortgage.
- Your current mortgage rate e.g. 3.14%.
As a Super Contractor you need a sidekick who knows what you’re up against. That’s where we come in because we have the specialist knowledge you need for your contractor remortgage, including:
- Whether reviewing your mortgage is a viable option
- Potential savings
- The documents you need (more info here)
You are nearly there, simply fill out the contact form or call us directly on 0800 211 8700 if you want to speak to one of our expert consultants about a remortgage.
* Bank of England, August 2020 https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp
What does an interest rate rise mean for your mortgage?
- More than 3.5 million residential mortgages are on a variable or tracker rate.
- The average standard variable rate mortgage is 4.72%.
- On a £150,000 variable mortgage, a rise to 0.75% is likely to increase the annual cost by £224.
Sources: BBC, UK Finance, Moneyfacts, Nationwide Building Society, August 2018
Should I switch my mortgage?
There are a number of factors that affect whether you should switch your mortgage.
If you are currently on a standard variable rate or tracker rate, you should consider looking to switch to a fixed-rate mortgage. A fixed-rate mortgage means you know your exact monthly mortgage payment without the worry of whether the interest rate might increase.
If you are currently on a fixed-rate mortgage, we can review this mortgage up to 3 months prior to expiry. It can be with your current mortgage lender or with a new lender – depending on what best suits your personal needs.
What would you do with the money you save? You could pay your mortgage off quicker, a home improvement, or book a last-minute holiday.
With expert knowledge, we often have access to exclusive deals and lenders that are not available on the high street. We scour our panel whilst considering your personal circumstances and presenting the most suitable solution for you. Super Contractors has access to a comprehensive lender panel and it is our duty to ensure that we provide a competitive deal for you.
We are proud to have received excellent recognition for our expert contractor mortgage advice and service.
Lenders decide how much they are willing to offer someone, by analysing your earnings to ensure you will be able to pay back what you have borrowed. This becomes even more of an issue when you are self-employed, as accounts don’t tend to reflect your full income, which will obviously affect how much a lender is willing to offer you.
Here at Super Contractors we only deal with the most trusted lenders, to ensure you are dealing with professionals who understand how contractors work. Our expert consultants are able to secure fantastic rates that you wouldn’t be able to secure by getting in touch with a lender directly.
Since the Financial crisis of 2008 there have been specific lending guidelines put in place that don’t tend to favour contractors. However, Super Contractors aim to make the remortgage process quick and simple for all our clients.
When approaching the majority of high street lenders, contractors are going to find little success, as these lenders tend to be out of touch with how contractors work. They will have a list of rigid questions, that don’t take into account how contractors, freelancers or the self-employed manage their earnings. Not only can these be a waste of your time, but continued rejections, could lead to a negative credit history.
We have spent years, working hard to source the best lenders across the United Kingdom to save you the headache. All of this for a low mortgage broker fee and a super quick turnaround.
Many reasons to join us.
Super-fast responsive service, we’ll call you back at time convenient for you.
Access to a comprehensive panel that includes exclusive deals not available direct from lenders on the high street.
We’ve helped thousands of contractors throughout the UK obtain a mortgage.