With the uncertainty growing around the UK housing market as we approach the EU referendum, lenders are encouraging borrowers to review their existing mortgage deal.
Over the past week, a number of lenders have slashed their long term fixed rate options, allowing contractors, to lock down some of the cheapest long term fixed rates on record.
Traditionally there has been a noticeable difference between the rates offered to clients with substantial equity, and those with a higher loan to value. This can make it difficult for clients who are hoping on re-mortgaging for the first time or those who want to borrow more money for home improvements.
However, the gap narrowed this week when a contractor-friendly lender announced an offer exclusively to clients of Contractor Mortgages Made Easy. Available to those with a 20% deposit, a 5 year fixed rate mortgage at 2.49% and an £895 arrangement fee.
When comparing this to the best 5-year mortgage option for clients with a 60% LTV, 2.24% with a £999 arrangement fee, the higher LTV only incurs a 0.25% increase on the rate of the best contractor deal on the market.
Our exclusive mortgage arrangement will allow a contractor to save thousands of pounds in mortgage payments, compared to the best contractor equivalent from Halifax.
If you are interested in the above exclusive, contact our mortgage consultants at the earliest opportunity on 01489 555 080 as the rates are likely to change as the referendum moves closer.
*Based on our average loan amount of £330,000 over a 25 year repayment mortgage.
Media Contact: Ratchelle Deary, Public Relations Manager
Tel: 01489 555 080