Contractor remortgage figures soar.
According to a report published by the Bank of England, remortgages, including contractor remortgages, have reached their highest levels since 2008.
Savvy contractors are capitalising on the historic low rates, that have continued from last year into 2017, and are seeking to save themselves money by remortgaging. By doing this now, borrowers are creating a level of financial security for themselves.
This appears to be as a result of the imminent triggering of Article 50. Once this has been done in March, a further sense of market uncertainty could be caused, prompting possible fluctuations in interest rates. It could also be because of a lack of appropriate housing stock, with contractors opting to raise capital and extend their homes instead of moving.
If you are a contractor and your current mortgage deal is coming to an end within the next few months, now would be the optimum time to remortgage.
Deal Direct are an independent mortgage broker that work with lenders from across the UK. We are ‘whole of market’, which means we can offer truly unbiased advice. A number of the lenders we work with specialise in contractor mortgages and offer tailored underwriting. Considering applications on a case by case basis increases the chances of your application being approved, as these lenders fully understand the varied ways in which contractors work.
For low-rate contractor mortgages, contact Deal Direct.
Call 0800 048 8828 now to source your ideal loan.
