2 and 5 year fixed contractor mortgage most popular.
The 2 year fixed rate has been a very popular choice of mortgage for contractors, closely followed by the 5 year fixed rate, according to recent market research.
A combination of factors, including the ongoing Brexit negotiations and the corresponding uncertainty, felt in the economy, appears to be the driver behind the popularity of fixed rate mortgages in the UK.
Contractors are no different to anyone else and are responding to the market conditions by seeking to lock-in to a deal. The lock-in provides the knowledge and certainty for a fixed period of time of how much their monthly mortgage repayment is going to be.
As the cost of living is rising and there is the real possibility of further increases in the base rate, the effect on mortgage rates throughout 2018 is that they are likely to become more expensive. If you are a contractor and you haven’t yet found a mortgage or are in a position to remortgage, obtaining a fixed rate now could save you from paying out more money in the future.
Therefore, it is imperative that you contact Deal Direct now so we can help you find the home financing solution for you as soon as possible.
Our experience means we know which lenders are offering the best rates and are the most understanding when it comes to meeting the borrowing requirements of the contractor.