Remortgages
Securing a better mortgage deal for business owners, professionals and contractors.
Access better rates or release equity from your property.
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Looking For The Best Remortgaging Deal?
Searching for a better mortgage deal outside of PAYE isn’t easy. Without a fixed salary or years of accounts, most lenders aren’t interested.
But what if you want to find better rates to save money or unlock some cash from your property? You need the right advice and a lender that understands how you work.
Remortgaging done the right way.
At Broadbench, we only deal with providers that get it. Those who appreciate that those earning a day rate are just as valuable as employees. Using your day rate to make calculations, we work with them to find you the best mortgage deal.
Our experts will talk you through the process and recommend the mortgage products that fit your needs and circumstances.
Our advice & fees:
We only offer advice on first-charge mortgages. We charge a flat fee of £500 for our services, this is split into two payments. When we issue your AIP (Agreement In Principle) we charge £100, then a further £400 is charged on application. This means that that if your application
stalls at the AIP stage you are only liable for the £100. If we charge you a fee, and your mortgage does not go ahead, this fee is non-refundable.
Your Rights:
You may be able to claim compensation from the FSCS if we cannot meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim. We can provide more specific information on request, but as a guide:
Eligible mortgage claims related to advising and arranging are covered for 100% of a claim up to a maximum limit of £85,000 per person per firm.
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What do I need to secure a better mortgage?
Provide proof of income
Once your property has been valued, you just need to supply us with a copy of your employment history, contract (including your day rate), three months of bank statements and proof of ID.
Show you can cover the fees
We’ll need you to provide proof that you have the funds to cover the legal and survey fees required for your remortgage, including any early repayment charges.
Sit back and relax
With the money and verification sorted, we’ll take care of the rest. We search for the best mortgage deals on the market and, once you’ve chosen the one that’s right for you, we fill out all the paperwork for you too.
Ready to remortgage?
Fill out the form below to arrange a time to speak to a mortgage expert.
FAQs
What happens when my fixed-rate mortgage deal comes to an end?
If you’re currently on a fixed rate mortgage, it means for a period of time (typically between 2-5 years) the interest you pay and the monthly repayment will be fixed. Once your fixed mortgage deal comes to an end, you will be placed on the ‘Standard Variable Rate’ (SVR). Each lender sets their own SVR and it tends not to be as competitive as fixed-rate mortgages.
I was permanent when I took out my mortgage but now I am earning a day rate. Will I be accepted for a remortgage as a contractor?
You will still be able to get a mortgage however, your existing lender might not be able to understand your income now you’re contracting. It’s important to speak to a specialist contractor mortgage adviser who works with the whole of market and will find a lender that can understand your income and make sure you’re getting the best mortgage product available.
How much could I save by remortgaging?
It’s important to speak to a specialist mortgage adviser who works with the whole of market.
What documents do I need to remortgage?
If you’re switching to a new lender, the documents you need to provide will be similar to when you applied for the first mortgage. This will include details of your current and previous contract (if applicable), 3 months’ bank statements and if you have less than 3 months remaining on your contract, they will require a contract extension.
Are there any charges for remortgaging?
There are some fees to be aware of when remortgaging, for example, some lenders have upfront product fees that can be added to the loan, usually about £1000. Lenders do offer a free legal and valuation service to help you switch. If you’re not sure whether you’d want to pay a product fee, a mortgage specialist can help you look through the options.
Can I borrow more by remortgaging?
A great benefit of remortgaging is that it gives you an opportunity to borrow more money. This can be used to make home improvements such as building an extension or refurbishing the kitchen or bathroom. Make sure you speak to an expert mortgage adviser to help assess how much you can borrow based on your day rate.
Where can I find the best rate?
This is where we can help. Scouring the market for the best mortgage product can be a long and difficult process and, unless you have the right expertise, you may not end up with the best deal for you. Our specialist mortgage advisers do all the leg work, working with contractor-friendly lenders, so you don’t have to. Speak to your Broadbench adviser and see how much you could save on your remortgage.