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As a contractor or umbrella employee, remortgaging a property can potentially improve a homeowner’s situations financially, which means you can:
Raise funds for home improvements, such as kitchen refurbishment, loft and conservatory conversions
Lower your monthly payments, with historically low mortgage rates from 0.91%*
Relieve financial stress, with an extra budget for your monthly outgoings by moving to a potentially better deal
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In the era of working from home, revamping your kitchen, upgrading your bathroom or sprucing up a tired-looking garden, are becoming more prevalent with 1 in 3 remortgages being undertaken for home improvements.
The coronavirus outbreak and lockdown measures introduced in the UK have deeply affected our personal lives and probably more so as a self-employed individual. Remortgaging could potentially save you money and even raise additional funds for a life event, home improvements, or repay expensive loans & other debts.
With a state of financial uncertainty, more people are deciding to put off the sale of their home until it is clearer what the future may hold for them. Securing a deal on a lower rate either fixed or flexible where the option to remortgage is available has given more time to people considering what's next.
A contractor mortgage is likely to be the biggest financial commitment that you will ever enter into. The process can be long and daunting, but one thing it does not have to be is difficult.
When lenders assess a contractor mortgage, they will want to verify income by seeing two to three years’ worth of accounts or tax returns. Lenders have not kept up with changes in the labor market, and their criteria, in many circumstances, fail to accommodate for the growing ranks of independent professionals.
Umbrella company contractors will find that many of their expenses will not be considered when calculating income. Limited company contractors will experience a similar problem, as any money retained in the company, for tax purposes, will also not be considered. Both ways of operating are likely to lead to less borrowing power.
Remortgaging gives you the perfect opportunity to ensure your mortgage is working hard for you, and not just the other way around.
This is the time for you to save money on your repayments, release money for a holiday or home improvement, or simply pay the mortgage off quicker. Whatever your personal situation, changed circumstance, or long term goal, make sure your mortgage is aligned and reap the benefits.
Some mortgage lenders charge early repayment fees and so remortgaging too soon could cost you more than you wish. Check your terms to understand your restrictions.
CMME has put together this simple guide to understand how remortgaging works.
We’re here to help contractors and other independent professionals get the mortgage they deserve. Call us on 01489 223 952 or fill in your details below and one of our Specialist Advisers will call you back at a time that’s convenient for you.
** Mortgage rate accurate as of 02/08/2021
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