Contractors Remortgage

Contractor Remortgages offers lower repayments, access to extra funds, and expert advice tailored for mortgage contractors to unlock your property’s equity.


Remortgages in UK

Remortgaging refers to the process of switching your current mortgage to a new deal. There are several reasons why people choose to do this, including


Home improvements

Home improvements can boost your home’s value and comfort. Re-mortgaging allows you to access funds for renovations like kitchen upgrades, bathroom remodels, or extensions, enhancing both your living space and property value.


Debt Consolidation

Remortgaging can aid in debt consolidation, streamlining your finances by combining multiple debts into one manageable payment. This can help reduce overall interest rates and simplify repayment, providing financial relief and a clearer path to debt-free living. View Calculator


Securing better interest rate

Securing a better interest rate through remortgaging can lead to significant savings over time. By refinancing, homeowners can capitalize on lower rates in the market, reducing monthly payments and improving financial stability.


Equity Release

Equity release through re-mortgaging allows homeowners to access the value tied up in their property. This can provide a lump sum or additional income, useful for retirement, investing, or covering major expenses, offering greater financial flexibility and security.

Remortgage Calculator

Looking to remortgage? Contractor Mortgage Solutions can help. Contact us for guidance on using a Remortgage Comparison Calculator or to explore your options. We’re here to assist you in making informed mortgage decisions.

Remortgage Comparison Calculator

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Qualification Criteria for Remortgages

Contractor remortgages can be an excellent option for professionals looking to secure better terms on their mortgage. However, before you dive into the process, it’s essential to understand what lenders consider when assessing eligibility for contractor remortgages.


Lenders review factors for contractor remortgages, including contract length, income stability, and minimum income requirements. A good credit score is essential, demonstrating responsible borrowing and repayment habits.

Contract Length

Contract length showcases ongoing contracts, bolstering future income prospects for lenders. Similarly, income stability assures consistent mortgage repayments, reinforcing your reliability as a borrower.

Credit Score

Lenders have different criteria, so research and compare them. Maintain a good credit score by paying bills on time, keeping low credit card balances, and managing debt. Regularly check your credit report for errors.

Alternative Factors

A contractor remortgage broker can connect you with lenders who understand contractor income. Some providers may consider just the contract rate, bypassing long history or income thresholds

Our Client Reviews

Mo at Contract Mortgage Solution is highly professional, efficient, and excellent in communication. I highly recommend them for mortgages.

Big thanks to Daniella, Denise, and Contract Mortgage Solution team for their exceptional support in our remortgage. Best brokers by far!

Mo and team have been our mortgage go-to for 7 years, guiding us through 3 remortgages. Always exceeding expectations!

Documentation Requirements

Certain documents are essential for a smooth contractor remortgage application process. These documents verify your income, assess financial stability, and show your ability to meet lender requirements. Here are key points to consider when gathering your paperwork

Proof of Income

One crucial aspect of a remortgage application is providing proof of income. As a contractor, you may not have traditional payslips like those with permanent employment. Instead, you’ll need to provide alternative documentation such as tax returns, client invoices, or contracts outlining your payment terms and rates.

Meeting Lender Requirements

To be eligible for a remortgage, contractors must meet specific lender criteria regarding contract length, payment history, and financial stability, so understanding and addressing these requirements beforehand is crucial.

Organising Your Paperwork

Organizing necessary paperwork, such as tax returns, contracts, and bank statements, in advance is essential to streamline the application process and avoid delays, ensuring you can promptly provide required information and avoid unnecessary back-and-forth with the lender.

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Advantages of Remortgaging

Congratulations! You’ve gained a better understanding of contractor remortgages and the perks they offer. By delving into qualifying criteria, documentation requirements, and seeking advice from an advisor, you’ve initiated the journey toward securing an excellent remortgage deal.

But why should you consider remortgaging as a contractor? Let’s delve into the advantages:

Access to Lower Interest Rates

Remortgaging can grant you access to lower interest rates, enabling you to reduce monthly payments and potentially save thousands over time.

Equity Release

Remortgaging allows you to release equity from your property, providing extra funds for home improvements or other investments.


Can I remortgage as a self-employed contractor?

Yes, you can remortgage as a self-employed contractor, though it may require additional preparation.

To improve your chances, gather necessary documents like tax returns, SA302 forms, business accounts, and bank statements to verify your income. Ensure your credit score is in good shape and provide proof of ongoing contracts to show steady income.

Consider working with specialist lenders or mortgage brokers who understand the needs of self-employed individuals. By doing thorough preparation and seeking professional advice, you can successfully navigate the remortgaging process and secure a favorable deal.

Will remortgaging affect my credit score?

Yes, remortgaging can affect your credit score. The lender's hard credit check may temporarily lower your score.

However, if you use the remortgage to consolidate debt and maintain timely payments, it can improve your credit score over time.

Factors like the hard inquiry, changes in credit utilization, and the average age of your credit accounts influence the impact.

Managing your debt and making consistent payments are crucial to minimizing any negative effects and potentially enhancing your credit score in the long run.

How long does the remortgaging process take?

The remortgaging process typically takes between 4 to 8 weeks. This duration depends on factors such as the complexity of your financial situation, the responsiveness of both your current and new lenders, and the efficiency of the legal processes involved.

The key stages include initial research and application, property valuation and underwriting, receiving and accepting a mortgage offer, and completing the necessary legal work. Delays can occur due to lender processing times, property valuation issues, or complex financial profiles.

Can I remortgage if I have a poor credit history?

Yes, you can remortgage with a poor credit history, though it may be more challenging and come with higher interest rates or less favorable terms.

Some specialist lenders cater to individuals with poor credit, but they often impose stricter requirements.

Improving your credit score before applying, having significant equity in your property, and demonstrating stable income can enhance your chances. Consulting a mortgage broker or financial advisor who specializes in adverse credit cases can help you find the best options and navigate the process more effectively.

What fees should I expect when remortgaging?

When remortgaging, you should expect several fees, including:

Valuation Fee: The new lender may require a property valuation to assess its current market value. Some lenders offer free valuations as part of their remortgage package.

Arrangement Fee: Also known as a product or booking fee, this is charged by the lender for setting up the new mortgage deal. It can range from a few hundred to over a thousand pounds.

Legal Fees: Legal work is required to transfer the mortgage from your current lender to the new one. Some remortgage deals include free legal services, but if not, you’ll need to pay for a solicitor or conveyancer.

Early Repayment Charges (ERC): If you remortgage before your current mortgage deal ends, you may incur an early repayment charge, which is typically a percentage of the remaining mortgage balance.

Exit Fee: Some lenders charge an exit fee or account closure fee when you pay off your existing mortgage.

Broker Fee: If you use a mortgage broker to help find and arrange your remortgage, they may charge a fee for their services.

Understanding these potential fees and comparing remortgage deals can help you make an informed decision and avoid unexpected costs.x`

Why are comparison websites and high street banks considered less than ideal options for remortgages?

Seeking a re-mortgage directly from your bank is not recommended as it limits your options to their specific range of deals. Instead, you need an independent mortgage provider specializing in your unique circumstances.

While comparison websites have become popular for finding products, they fail to consider a lender’s criteria, policies, or how they treat contractors. At Contractor Mortgage Solutions, we do all the legwork for you. We have an in-depth understanding of the best financial products available specifically for contractors.

What are the key factors contributing to an effortless and efficient contractor re-mortgage process?

Our team of expert mortgage brokers specializes in assisting contractors through an effortless and efficient re-mortgage process. Whether you aim to consolidate debts or secure a better deal, we offer tailored advice to suit your unique circumstances.

over 15,000 mortgage products at our disposal, we can find the right one for you, taking into account your payment structure and potential savings. If you're currently on your lender’s Standard Variable Rate (SVR) or your current interest rate is ending, re-mortgaging could likely save you money, and we'll guide you through the process every step of the way.

If you want to explore the best re-mortgage options based on your circumstances, feel free to give us a call. Our experienced and friendly advisors are ready to answer your questions and provide insights into the current offerings available. This consultation is free of charge, and there is no obligation to use our service.

To receive a personalized quote tailored to your position and contractor circumstances, get in touch with us today by calling one of our expert mortgage brokers at 0203 827 8560.