How Remortgaging Works for Contractors
How Remortgaging Works for Contractors
Blog Article
Why Contractors Should Consider Remortgaging
Remortgaging can be a smart financial move, especially if your current deal is ending, you're on a standard variable rate, or you want to release equity. As a contractor, you might think remortgaging is complicated—but with the right support, it’s straightforward and can save you thousands.
When to Think About Remortgaging
Common reasons contractors choose to remortgage include:
Your fixed rate is ending soon
You're paying more than you need to on a variable rate
You want to borrow more for home improvements or debt consolidation
You're looking for a better interest rate or deal
Timing is key—start looking 3–6 months before your current deal ends to avoid paying a higher rate.
How Lenders Assess Contractors
Just like with new mortgages, contractor-friendly lenders assess your contract rate rather than standard payslips. They'll calculate your income using a formula such as:
Day rate × 5 days × 46–48 weeks = Annualised income
This helps contractors access competitive deals, even without traditional employment.
What You'll Need to Provide
When remortgaging, you'll typically need:
Your current contract
Proof of ID and address
Bank statements (personal or business)
Information on your existing mortgage
The process is usually faster than buying a new home, especially if you're staying with the same lender (known as a product transfer).
Let a Specialist Handle It
At Contractor Mortgage Solutions, we specialise in helping contractors remortgage with ease. Whether you're switching lenders or staying put, we handle the paperwork and negotiations to get you the best possible rate.
Save Money with the Right Remortgage Deal
Don’t let your mortgage rate increase unnecessarily. With expert contractor advice, remortgaging can be simple and financially rewarding.
Get in Touch Today
Contact us now to explore your remortgage options and secure a deal that suits your contract income and goals.