British Contractor Mortgage rates
You really do need to see British Contractor mortgage rates at the moment to believe them. They are sure to rise at some point after the election, so it is worth taking them now.
2014 is being heralded as the strongest year for mortgage lending since 2008. This is according to the Council of Mortgage Lenders (CML). However, 2015 looks set to follow in its footsteps. January has seen record low British Contractor mortgage rates.
Contractor Mortgages Best Rates
Since the New Year we have seen two-year fixed rates fall as low as 1.64% on a 60% LTV from Contractor champion Halifax which is an outstanding rate for Contractors with a substantial deposit.
This product does carry an arrangement fee of £1,499 from the Lender. However, this can be added to the mortgage rather than paid up front.
Best rates for Contractors with Lower Deposits
If you have less savings to put down, however, you won’t be disappointed. This is because a relative newcomer to the Contractor Mortgage market, Metro Bank, have released a raft of very competitive fixed rate mortgages at higher loan to values. These include 2 year fixed rates at:
– 1.99% on a 70% LTV
– 2.04% on an 80% LTV
– 2.29% on an 85% LTV
All of these rates carry a £999 arrangement fee from the Lender. However, you can add this to your mortgage so you won’t need to find the cash up front. The minimum loan amount is just £20,000 up to a maximum of £1,500,000. So, it suits Contractors buying at every level of the housing ladder.
5 year fixed rate mortgages at 2 year fixed rates!
Furness building society have launched a five-year fixed rate mortgage at just 2.94% on an 80% LTV. This is closer to the UK Contractor mortgage rates we have been seeing for two-year fixed rate products in recent months, particularly at this LTV level. Again this product carries a £999 arrangement fee but this can be added to the mortgage.
If you are considering fixing your mortgage for longer, to ride out any fluctuation in the market, then this Contractor-friendly Lender is offering a highly competitive rate. This should see you through the inevitable rise in the base rate over the next five years.
These British Contractor mortgage rates are exclusive to our specialist contractor mortgages partners.
British Contractor mortgage rates have never been better. To find out more from a mortgage Adviser today, or to apply, you should fill in the form on this page – Specialist Contractor Mortgages