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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.
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** Mortgage rate accurate as of 02/08/2021
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