Contractor Mortgages
Mortgages based on hourly/daily rate, we are experts with over 10+ years experience working with contractors.
Are you or your partner self-employed with a remortgage due soon? At Connely Roberts Mortgage Services, we have over 10 years industry experience in contractor friendly and self-employed mortgages with access to over 140 lenders and thousands of mortgage products so you can find the right mortgage deal for you and your circumstances. We understand that the remortgage process is complex and ever-changing for contractors or self-employed clients which can be a stressful experience but we aim to eliminate this by providing qualified, expert advice to make sure the process is as seamless as possible.
Contact UsChanging your mortgage every couple of years can be a pain. As a result many people leave their initial mortgage product to expire, typically meaning their interest rate will increase to the lender’s standard variable rate.
It’s important to get mortgage broker advice when remortgaging, especially if you’re a self-employed or a professional contractor and in a market where interest rates are likely to be higher than your current rate. With the wide range of lenders we work with, we pride ourselves in offering specialist advice in contractor friendly mortgages or self-employed mortgages for our clients.
With over 10 year’s experience in the industry, we are qualified to find the right mortgage deal for you and will always consider the options available to you. This could include moving your mortgage to a new lender or remaining with your existing mortgage lender but securing a new product, whatever this looks like for you, we are on hand to help and make the remortgaging process as smooth as possible.
There are many reasons why our clients remortgage, see below some common scenarios.
Most mortgage products will come to an end at some point, resulting in you reverting to your current lenders Standard Variable Rate (SVR) which is normally considerably higher than the initial product you have.
It can sometimes be more beneficial based on the circumstances to access cheaper deals and switching lenders but we’ll evaluate your situation and advise accordingly.
We will use our tools and expert knowledge to get you the most suitable mortgage product to replace your current one, ensuring you don’t hit your lenders SVR and pay thousands of pounds of additional interest!
Taking a further advance is an alternative to remortgaging to a brand new lender.
A further advance is an additional borrowing amount from the same lender which is added to your current mortgage balance but usually on a different interest rate. This is ideal if you need to borrow more but are currently in a fixed rate with early repayment charges.
If you are you thinking of extending, rennovating, landscaping or simply giving your property some TLC, lenders will often allow you to borrow more. We can assess your options to find what’s possible.
Debt consolidation means you borrow more on your mortgage to clear unsecured debts such as credit cards or personal loans. As mortgage interest rates tend to be lower than unsecured debts it could result in a monthly saving.
We will assess your current debts and establish whether this could be a sensible route for you. There are many things to consider when consolidating debts, mainly the risk you are taking by increasing your mortgage. As your mortgage is likely to be over a longer period of time it could result in you paying more interest overall.
We will discuss the pros and cons with you before proceeding with any application.
Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are considering buying a new property, re-mortgaging could help you fund the deposit. This is possible for both residential and buy to let lending and commonly used if you are looking to make use of the equity you have.
The term remortgage simply means replacing your current mortgage with a new one, often with a new lender.
A remortgage will usually take place once your current mortgage product comes to an end (e.g a fixed rate).
We understand that some lenders will offer the same rates direct to their customers as they do to brokers, but as a valued client if we recommend you remain with your current lender you may be eligible for a cash back from us.
Not to mention, we specialise in self-employed & contractor friendly mortgages and therefore are best placed to find the most suitable option for you now and in the future.
Yes, lenders will allow you to ‘Capital Raise’ for certain reasons. This is dependent on your affordability, property value and current mortgage balance; all of which we will assess when going through the process.
Lenders usually allow you to raise extra funds for most legal reasons. They will usually not lend if you are looking to repay a tax bill, for business purposes or speculative investments such as stocks and shares.
The lender will always need to know what you’re raising additional funds for and will sometimes request proof of this if necessary.
Ideally you want to begin the process around 4 months prior to your current product ending, this gives us enough time to assess your options, apply for the mortgage and get the legal process completed.
You can actually remortgage at any time, however you may need to pay an early repayment charge to leave your current lender if applicable.
If you are current in a fixed rate, we will ensure that your new mortgage starts the day after your current mortgage product ends. For instance if your current mortgage ends on 30th April, the new mortgage will begin on 1st May to ensure you do not move to the lenders variable rate, but ensures you are out of any early repayment charge period which may apply.
If you are not currently in a fixed rate the mortgage will start on your chosen date.
Working with a broker gives you access to thousands of different mortgage products from a comprehensive range of lenders, whereas working with a bank direct limits you to just their product range. Using our expert advice process we will work with you to identify the most suitable option for you.
Loan to value (LTV) is a term used when looking at mortgages to determine what percentage of your property is mortgaged. This is calculated by taking your mortgage balance and dividing it by your property value. For instance:
£300,000 mortgage / £400,000 property value = 75% Loan to Value
The reason the LTV matters when assessing your mortgage options is that the lower the LTV, the lower the risk you are to the lender, therefore they are more likely to offer a more competitive rate.
4th July 2023
Mortgages based on hourly/daily rate, we are experts with over 10+ years experience working with contractors.
We are here to help you take your first step onto the property ladder, with deposit options as low as 5%.
Is your remortgage due soon? We have access to over 140 lenders and have access to thousands of mortgage products.
We offer a range of Buy to Let mortgages to new and existing landlords, including HMO and Limited Company applications.