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Contractor Remortgage

Contractor Remortgage

For the majority of us, the mortgage is our largest financial commitment, and also the one that is reviewed the least often for cost-effectiveness. 

Many contractors and self-employed professionals have been content to let their initial rates expire and ride out the variable rate of their lender, only really reviewing the mortgage when rates start to increase. Many are not aware that rates have already started going up, and complacency can cost a lot of money in interest charges. 

Reasons to Review Your Rate  

Contractor Remortgage

When you first organised your mortgage, you probably didn’t go for the first option you saw, that’s because it’s a huge financial commitment and one that you’re tied into for a long time. You (or your broker) more than likely shopped around for that original rate because you’re sensible and because you know that your mortgage is where a lot of your money is going to go. After all, your property is an investment not only for your right-now but also your future and your family’s future.   

So, when it comes to reviewing your rate, why wouldn’t you do the same?Making sure your rate is right for you is essential and it’s as important as organising your original mortgage was, even if you’re not moving home.  

Need some more reasons why you might review your rate? We have them. There are some prime times you might want to reconsider reviewing your mortgage rate:   

It’s due for renewal & you’re about to move on to a Standard Variable Rate   

When you can see the end of your current deal on the horizon, it’s a great time to think about remortgage.  

When your current rate comes to an end your lender will automatically swap you over to their Standard Variable Rate (SVR) which is more than likely going to be higher than the deal you were on previously.  

It’s worth looking at the market because there may well be a better rate out there for you.  

Your house has increased in value  

With house prices rising at a rapid rate, your house might be worth a lot more than it was when you set your current mortgage deal.  

If that’s the case you may find you’re now in a lower Loan to Value (LTV) band, this means you could be eligible for much lower rates.  

Important to note:  

Many people let early exit fees stop them from getting the best deal available – whilst exit fees are something you should consider before changing deals, it is frequently the case that the associated savings with your new mortgage rate could be worth accounting for the early exit fees.  

You’re interested in raising additional funds   

When you chose your mortgage originally, you made sure it met your needs. The smart question to ask when it is due for renewal is:  

  • Does it still work for me?  
  • Could it release equity to pay for that dream kitchen, or the loft conversion, or home office?  
  • Could the equity consolidate debts elsewhere and make them easier to manage and your financial commitments more comfortable to live with?  
  • Would the lump sum pay the deposit on a second investment buy to let property?  

The pandemic over the last year has made a lot of us review our individual circumstances, whether that’s with a view to our working arrangements or our health, added security has been a priority this year.   

Releasing additional funds for home improvements is entirely possible through the remortgage process, making your dreams a very achievable reality.  

Try our Calculator 

It’s always worth checking your credit report to see what state your financial history is in.  

Remortgage With CMME 

Our remortgage advisers have helped thousands of clients find a better rate. Whether you want to raise additional funds for home improvements, lower your repayments or fix your rate to ride out the next few years of interest rate uncertainty.  

Whatever your reason for remortgaging, we will endeavour to help you achieve your goal. 

You can also download our free guide on remortgaging for everything you need to know 

Ready to chat?

Simply fill in the form below and one of our expert team will be in touch to discuss your remortgage.









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    We'll always treat your personal details with utmost care, and will never sell them to other companies.

    We'd like to send you updates about products and services, promotions, exclusive offers, news and events from CMME by email, SMS, phone and other electronic means. You can unsubscribe at any time by contacting us through email, telephone or post.