Contractors should consider fixing their mortgage
Contractors looking for the security of a fixed rate mortgage, or are undecided whether to move off their SVR should seriously look at fixing their mortgage as fixed rates have dropped to their lowest levels since 2007.
Arranging a remortgage as a contractor is not that difficult with Freelancer Financials, we can arrange competitive rates from a number of “high street” lenders based on your contract rate alone. No Accounts required or Pay slips needed, the only evidence of income required is a copy of your CONTRACT, confirming your daily or hourly contract rate. It’s that easy
Since early 2008, the average rate of a two year fixed rate mortgage has fallen considerably, with rates at a current low of 3.69 per cent.
Three and five year fixed deals have also seen their averages reduce steadily since October 2009. Five year average rates now sit at 5.80 per cent from a high of 6.42 per cent in October 2009.
Therefore, if you are currently on your lenders SVR, now could be the time to look at your options. With the Base Rate at an all time low and only likely to increase, now may be the time to consider a fixed rate mortgage.
This is definitely positive news for borrowers considering a fixed rate mortgage. With reports that inflation is rising, it is only a matter of time before the Bank of England increases the base rate. A number of the chief economist at leading high street banks are forecasting that the Bank of England will raise the base rate by the 4th quarter of this year. So contractors who are looking to fix their mortgage repayment should seriously consider whether now is the right time to switch.
How Can I Get A Mortgage?
Click Here to calculate how much you could borrow based on your contract rate.
Talk to Freelancer Financials, who are specialists in the field of providing mortgage advice to contractors and freelancers.
If you’re a contractor working through your own company, and you’re struggling at every turn to secure a mortgage, a contractor mortgage may be what your need.
For a mortgage quote please contact our contractor mortgage advisors on 020 8421 7999.
If you want to consider your mortgage options as a contractor then utilising the services of Freelancer Financials will ensure that you are speaking to experts that understand the different ways that contractors are paid. Going direct, or to a non-specialist could lead to failed applications which could hinder your mortgage options moving forward at a time when lenders are looking for reasons to say no rather than yes to funding.
If you have any questions relating to contractor mortgages please send an email to [email protected] and we will get back to you shortly.
