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Contractor remortgage

330d
330d Posts: 629 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
My 2 year fixed mortgage has come to an end now and will be reverting to the Halifax SVR rate of 3.99%.

I want to remortgage to a lower rate but worried me being a contractor may be an issue. I have been contracting for 18 months but my broker says most providers wont touch me unless I have atleast 2 full year of accounts. Is this correct?

Apparently my only option to remortgage is to change to a different deal with my current provider, Halifax. Again is this correct?

Comments

  • kingstreet
    kingstreet Posts: 39,312 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Look at Halifax customer retention products, what they call Product Transfer rates.

    Your broker can do this for you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 330d
    330d Posts: 629 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Yes, this is what my broker has offered me.

    But is she right that I am not able to switch provider based on my current employment situation?
  • betmunch
    betmunch Posts: 3,126 Forumite
    Without having done a full fact find with you we cant say.


    There are lenders that will accept contractors but there could be other reasons way you cant use them, only having done the full fact find would we be able to advise.


    Why do you think your advisor is giving you duff information?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 330d
    330d Posts: 629 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thanks, I just wanted to double and triple check this.
  • amnblog
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    quadruple check it.


    Your adviser is probably right as she knows your case.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,312 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'd be surprised if any of the other "daily rate" contractor lenders can beat the Halifax PT options.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 330d
    330d Posts: 629 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    kingstreet wrote: »
    I'd be surprised if any of the other "daily rate" contractor lenders can beat the Halifax PT options.

    Thats true but i was after an offset mortgage.
  • betmunch
    betmunch Posts: 3,126 Forumite
    imr4n wrote: »
    Thats true but i was after an offset mortgage.

    Which will cut down your other options even more, and demonstrates perfectly why we don't give out lenders names without a full fact find.


    Trust in the guy who knows your situation
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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