You might have heard that remortgaging as a contractor can be a headache. But honestly, it doesn’t have to be like that.
So what’s the deal with remortgaging? Is it a last resort – or is it even a good idea in the first place?
Let’s clear up a few misconceptions:
Myth 1. “My debts will increase if I remortgage…”
Answer: ❌ FALSE!
You could be paying even LESS on your mortgage! Don’t settle for those self-certification mortgages when contractors can have access to exclusive mortgage deals not available on the high street.
When you replace your existing mortgage with better terms, it could result in lower interest rates and monthly repayments.
Myth 2. “Remortgaging is harder when you’re a contractor.”
Answer: ❌ WRONG!
The process can involve less paperwork than your typical mortgage in PAYE world. The process depends on being able to rely on a broker who understands contractors. High street lenders aren’t particularly well-versed in comparison!
With the right guidance and a broker who knows how contractors work? Getting a remortgage is much easier than you realise.
Myth 3. “You can’t remortgage if you have a low credit score.”
Answer: ❌ NOPE!
Low credit scores can be a challenging obstacle, but it’s definitely possible. You may find lenders offer you “subprime mortgages”, as they’re called, for contractors with poor or bad credit.
Maybe you’re not sure what your credit score is? You can do it with Experian’s free service (and it won’t affect your score – promise!).
If you plan ahead and speak to a mortgage advisor, you can get a remortgaging deal that works for you.
Myth 4. “Remortgaging is a last resort.”
Answer: ❌ FAKE NEWS!
The truth is, people remortgage to try and get a better deal! You don’t have to move heaven and earth (or home) to get a remortgage. You can switch your mortgage from one lender to another with much better rates.
You can also raise cash through a remortgage. The truth is that remortgaging is all about making your life easier. ✅
As we’ve discussed, we know that high street lenders and providers generally are capable of giving PAYE people mortgages. Contractors are a special breed. Because you’re different, you deserve specialist partners to find exactly the right product for your needs.
Contractor Honeypot takes the stress out of finding that perfect advisor. Simply fill in a form on our contractor remortgages page and we’ll get in touch to check we have all the right details. We’ll find you the best specialist partner to source you the perfect remortgage. It really is that easy!