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Contractors with initial fixed or discounted mortgage schemes that have now come to an end are being urged to consider current low fixed rates as an opportunity to ensure repayments stay affordable even when base rates begin to rise again.

In the past, coming to the end of your mortgage term was a nail biting prospect as lenders standard variable rates (SVR) often guaranteed a sharp increase in monthly repayments. The emphasis has always been on searching for a better rate to remortgage to in a bid to save ourselves from a hefty rate hike.

However, with the lowest Bank of England base rate in over 300 years, many lender SVRs are actually lower than the fixed rates that we arranged for clients 2 years ago. This now means that coming to the end of your mortgage term is actually something to celebrate rather than dread.

Sitting pretty or missing out?

Whilst it is all to easy to stay on your lenders SVR, content in the knowledge that you are saving money on your repayments, you could be missing a trick. With base rates at an all time low, fixed rates that lenders are currently offering are also the lowest they have been in a decade.

Don't play the waiting game too long

Recent research by Alliance and Leicester revealed that 81% of mortgage owners that are currently on their lenders SVR have no immediate plans to remortgage to a better rate, whilst 14% are waiting for interest rates to rise before looking for a better deal.

Whilst it might seem tempting to stick to your lenders SVR it could result in rapidly rising repayments and a lack of competitive fixed rate options when you do decide to switch.

The best fixed rates, by definition, will rise ahead of the actual base rate because lenders use forward modelling to price their products

With industry professionals speculating that the base rate will rise next year, so called 'SWAP' have climbed dramatically in the past 7 days. Fixed deals that are as low as the current 3.59% may only be available for a limited period so we could very well be a 'buy now while stocks last' situation.

Help securing a contractor mortgage

To find out the best way to proceed with your current (or future) mortgage, simply fill in the form below and Contractor Financials will get back to you shortly.

We have worked with the Contractor Financials team for a many years. They have sourced mortgages for thousands of contractors over past decade.

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