Remortgaging – Is Now the Time to Switch Mortgage?

Today (2nd November) the Bank of England voted to increase the base rate from 0.25% to 0.5%. Mortgage rates now look like they could be set to increase from the record-low mortgage rates that many contractor borrowers have been enjoying.

Over the past month some mortgage lenders have slowly started to increase their rates, including Barclays who have increased the cost of its two-year fixes by up to 0.2% [2]. Also, Halifax have increased by 0.2 percentage points [3].

About 4 million people have fixed rate mortgages [4]. Although, no one currently on a fixed rate mortgage will see any changes until their existing deal expires.

Swoop In & Secure a Low Rate.

If you haven’t reviewed your mortgage recently and not taken advantage of the record-low fixed rates, you may want to consider it now.” says Super Contractors Managing Director Gordon Hunter. “Securing a fixed rate deal could be your answer to avoid the impending increase. It all depends on your circumstances and whether a switch is right for you at this moment.”

Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a Day Rate contractor.

For more information on switching your mortgage, speak to one of our expert contractor mortgage advisers.

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Source:

  1. CNBC, September 2017 https://www.cnbc.com/2017/09/29/bank-of-englands-mark-carney-uk-on-track-for-rate-hike-in-relatively-near-term.html
  2. The Guardian, October 2017 https://www.theguardian.com/money/2017/oct/13/remortgage-now-cheap-fixed-rate-deal-interest-rate-rise
  3. Financial Times, October 2017 https://www.ftadviser.com/mortgages/2017/10/02/halifax-is-latest-lender-to-raise-mortgage-rates/
  4. BBC News, October 2017 bbc.co.uk/news/business-41523941

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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm does not charge a fee for mortgage advice.

Contract Mortgages Ltd trading as Super Contractors is an appointed representative of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.