Remortgaging Tips for Contractors in the UK

Remortgaging Tips for Contractors in the UK

Blog Article

Why Contractors Consider Remortgaging
Remortgaging can be a smart move for contractors looking to reduce monthly payments, release equity, or switch to a better rate. However, just like with first-time mortgages, contractors face unique challenges when applying.

When to Start Thinking About It
Ideally, start looking at remortgage options 3–6 months before your current deal ends. This gives you time to compare lenders and avoid slipping onto a higher standard variable rate.

Key Documents You’ll Need
Even for remortgaging, you’ll still need to prove your income. Common documents include:

Your current contract

Last 3–6 months of bank statements

SA302s or company accounts (if applicable)

ID and proof of address

Having these ready speeds up the application process.

Use a Contractor Mortgage Broker
A specialist broker can match you with lenders who understand contractor income. They’ll help present your application in the best light, using your contract rate instead of traditional salary slips.

This is especially useful if your circumstances have changed since your original mortgage — such as switching from PAYE to self-employed.

Common Reasons to Remortgage
Securing a better interest rate

Releasing equity for home improvements

Switching from interest-only to repayment

Consolidating debt

Whatever your goal, a broker can help you find a deal tailored to your needs.

Conclusion
Remortgaging as a contractor doesn’t need to be complicated. With the right timing, documents, and expert advice, you can secure a better deal and make the most of your home’s value.

Ready to remortgage? Contractor Mortgage Solutions is here to help contractors like you save money and stay in control of your finances.