Remortgages For Contractors

Remortgages For Contractors & Self-Employed

Remortgaging is a great way for contractors and self-employed individuals to take advantage of lower interest rates and save money. By remortgaging, these individuals can benefit from consolidating debts, increasing the equity in their home and freeing up money to fund other investments. Furthermore, they can choose to remortgage to a fixed-rate loan, which provides greater security and stability in their monthly payments.

Remortgaging can also provide contractors and self-employed individuals with access to extra funds to cover expenses such as home improvements, business start-ups, or educational costs. On top of that, remortgaging can be a tax-efficient way to borrow money, as the interest is usually tax-deductible.

Remortgaging for contractors and self-employed individuals can be a complex process, however, and it’s important to make sure you understand all of the terms and conditions of the loan before committing to it. Speaking to a qualified financial advisor from MortgageTek is recommended to ensure you get the right remortgage deal for your situation.

Contractor Mortgage Calculator

If you’re a contractor looking to remortgage your property, The MortaggeTek contractor mortgage calculator can be an invaluable tool. It can help you determine the amount of remortgage you can secure and provide an indication of the size of the loan and the monthly payments that could be expected. Using the calculator, you can compare different lenders and their remortgage products to find the best option for you. It takes into account your income, the size of the deposit and other financial data to provide an accurate assessment of the loan amount. It can also be used to calculate the total cost of the remortgage, including any upfront fees and ongoing interest payments.  The calculator can also provide important information on how remortgaging could affect your credit score. So, if you’re considering remortgageing your property, make sure you use a contractor mortgage calculator to get the most accurate information and find the best deal for you.

Contractor Remortgage Calculator

 Disclaimer: Please note that the results generated by this calculator are for general estimation purposes only and may not be entirely accurate. For precise information call us 020 3827 8558


Why pay more when you can remortgage?

Remortgaging can be a great way for Contractors to save money on their mortgage payments and access competitive mortgage rates. By remortgaging, you can release cash from the equity in your home and make home improvements or consolidate debts. It’s also a great way to switch to a longer or shorter mortgage term, depending on your individual needs.

Remortgaging can be especially beneficial for Contractors who have a limited credit history, as it allows them to take advantage of current interest rates. With interest rates at their lowest in decades, remortgaging can enable Contractors to make significant monthly savings.

If you’re a Contractor considering remortgaging, it’s important to consult with a MortgageTek before making any decisions. They can help you to evaluate your mortgage options and find the best deal for your circumstances.

Remortgage deals with benefits

Remortgaging can be a great way for contractors to make savings on their monthly mortgage payments, as they can benefit from lower interest rates. There are a variety of remortgage deals available to contractors, with many offering additional features such as offset mortgages. This type of mortgage can help reduce the amount of interest paid on the loan, saving contractors money in the long term.

Contractors can also take advantage of flexible payment options when remortgaging. This allows them to reduce their payments in the short term if needed, providing additional financial flexibility. Remortgaging can also provide contractors with access to additional finance for home improvements or other purposes.

Remortgaging can also be beneficial in the long term, as contractors can take advantage of fixed-rate deals. These deals can help protect contractors from future rises in interest rates, as they’ll be able to benefit from the fixed rate for the duration of the loan. This can help contractors save money in the long run, making it a great option for those looking to make their mortgage payments more manageable.

What documents will we need to submit your mortgage application?

Remortgaging is a great way for contractors to make the most of their finances. It can help you to save money, pay off debt and increase your financial security. However, it can be tricky to remortgage if you are a contractor, as you may not have the same proof of income as those who are employed permanently.

That doesn’t mean that contractors can’t remortgage though. There are a few things that you will need to be able to provide in order to secure a remortgage deal. Firstly, you will need to provide proof of identity such as a passport or driving license. You will also need to provide proof of your address such as a recent utility bill or bank statement.

Additionally, you will need to provide details of any other mortgages you have, your income, such as payslips or tax returns, details of your expenditure, such as recent bills or statements, details of any other assets or liabilities you have, details of any credit problems you have experienced and a copy of your current mortgage statement, if applicable.

By providing all of the required documentation, you can have a successful remortgage application. It is always important to compare different remortgage deals to find the best one to suit your needs. You should also take into account the costs associated with remortgaging, such as legal fees, valuation fees and arrangement fees.

Remortgaging can be a great way for contractors to make the most of their finances. If you have all the required documentation and are sure that remortgaging is the right move for you, then it could be a great way to save money and increase your financial security.

Remortgage Fees

Remortgaging for contractors can be an attractive option for those looking to reduce their monthly payments. However, there are a few fees and charges that need to be taken into consideration before deciding to remortgage.

The first of these is the arrangement fee which is charged by the lender for setting up the remortgage. This can either be a fixed fee or a percentage of the loan amount. Valuation fees are also charged by a surveyor to assess the value of the property. Legal fees can vary depending on the complexity of the case and the solicitor used. Additionally, some lenders may have additional fees or charges that are not normally charged by other lenders.

It is also important to consider any exit fees that may be charged by your current lender when switching to a new lender. Early repayment charges may also be incurred if you repay the loan early. Finally, you may be liable to pay stamp duty when you remortgage.It is important to consider all these fees and charges when deciding to remortgage as a contractor. Doing so will ensure that you are making the right decision for your financial situation.

Remortgage Glossary

Remortgage is a popular option for contractors who want to obtain a better interest rate or loan terms than their current mortgage. It involves refinancing an existing mortgage loan in order to get a more favourable agreement. It’s important to understand the equity, loan to value (LTV) and Annual Percentage Rate (APR) of any potential remortgage, as these will all have an impact on the cost of a loan.

When remortgaging, it’s also important to consider early repayment charges (ERC), which are fees charged by a lender for repaying a loan before the agreed term. It may also be possible to ‘port’ the mortgage from one property to another, which avoids the need to go through the full application process.Finally, it’s important to sign a mortgage deed, which is a legal document that sets out the terms and conditions of the mortgage. This will also allow for the redemption of the mortgage, which is the repayment of the mortgage in full, either at the end of the term or earlier if the borrower has the funds to do so.Remortgaging is a great way for contractors to get a better deal on their mortgage, but it’s important to understand the various terms and conditions involved before entering into any agreement.

Remortgage Types

For contractors looking for a remortgage, there are a variety of options available. A fixed rate remortgage allows contractors to secure a set interest rate for an agreed period, giving them the peace of mind that their monthly payments will stay the same. A variable rate remortgage, on the other hand, gives contractors the option to take advantage of fluctuating interest rates.A capped rate remortgage allows contractors to benefit from the potential decrease in interest rates, yet protects them from any sudden increases in rates. With a discounted rate remortgage, contractors can benefit from a reduced interest rate for an agreed period. An offset remortgage allows contractors to link their mortgage to their current account or savings account, effectively managing debt with a single account. Finally, a flexible remortgage offers contractors the opportunity to make overpayments on their mortgage, reducing their debt faster. Contractors looking for a remortgage should consider all of these options to determine which one best suits their needs. A remortgage can help contractors save money and manage their debt more effectively.