There are a number of cracking remortgage deals for contractors at the moment.
Remortgage rates are at record lows as Lenders enter in to a price war in the run up to Christmas. It is a desperate bid by lenders to improve their lending stats before they have to show their books to the City. This is following a relative lending drought post MMR last spring.
As such, Contractors are in the ideal position to cash in and get remortgage deals on to a two-year fixed rate. This will enable them to ride out the widely predicted base rate increases expected in 2015.
Competitive Remortgage Deals
One contractor friendly Lender has launched a range of highly competitive remortgage rates which are based on contract rate alone. So you avoid the hassle of proving your income using company accounts.
You can, often, borrow more than your permie colleagues. Depending on how much equity you hold in your property you can access the following rate:-
– 60% LTV on a 2 year fixed rate at 2% with a £999 arrangement fee.
– 75% LTV on a 2 year fixed rate at 2.29% with no arrangement fee.
– 85% LTV on a 2 year fixed rate at 2.69% with no arrangement fee.
Remortgage Deals Only
All of these rates are available on remortgage only. They are to supplement the first time buyer rates which Halifax launched last week from as little as 2.99% at 90% LTV.
However, this is likely to be a flash sale. This is because when they release rates during a price war, they rarely stay around for long as Lenders test the market before stabilising their product book.
Contractors should act quickly to secure these competitive rates. They can then ride out the possible base rate rises and uncertainty that may be on the horizon for next year.
You are best to get contractor mortgages through specialist contractor mortgage brokers.
To find out more about these astonishing remortgage deals you should click on Specialist Contractor Mortgages and fill out the form there.