Mortgage rates and contractor lending criteria change regularly. A deal that was competitive when you arranged it may no longer be the most cost-effective option today. Our contractor mortgage review compares your current mortgage against the latest market opportunities, helping you determine whether a better deal is available.
A mortgage review begins with understanding your current position your outstanding balance, remaining term, current interest rate, monthly payment, and the date your current deal expires. We then assess the full market for products available to a contractor with your income structure, credit profile and LTV.
We present you with a clear comparison: what your current deal is costing, what the best available alternative would cost, and what the saving or additional cost of switching would be over a specified period. This comparison accounts for all costs, including arrangement fees, legal costs, early repayment charges and broker fees.
The most obvious trigger is approaching the end of a fixed rate or tracker period. We recommend starting a review four to six months before the end of your current deal, which gives time to secure a new rate at today’s levels before your existing deal expires and you revert to the SVR.
Beyond the deal expiry trigger, a review is valuable whenever your circumstances have changed significantly. If your day rate has increased substantially, you may now qualify for better rates or higher borrowing. If property values have risen, your LTV may have improved. If your credit profile has improved, more competitive lenders may be accessible.
Changing your mortgage term can affect both monthly payments and total borrowing costs. We assess whether your current term remains the most suitable option.
We review whether an offset mortgage or flexible mortgage product could provide additional benefits based on your circumstances and savings position.
We check whether your current lender is assessing your contractor income in the most favourable way and whether alternative lenders may offer a stronger affordability calculation.
A product transfer with your existing lender is often the quickest and simplest option for contractors who want to avoid a new affordability assessment. However, a product transfer limits your rate search to your existing lender’s product range.
A full remortgage searches the whole market 100+ lenders and is almost always likely to produce better rates and terms. The additional complexity and cost of a full remortgage is often more than offset by the rate saving. We provide the comparison for both options and recommend the approach that produces the best total outcome.
Contact us via WhatsApp, phone or email with your current mortgage details — outstanding balance, current rate, remaining deal period and monthly payment.
Already a Mortgage Knight client? You don't need to lift a finger — we keep track of your deal and reach out to you proactively as it approaches expiry.
Yes — the initial review and recommendation is completely free. We only charge our standard broker fee of £595 if you proceed with a remortgage arranged through us.
We can typically prepare a preliminary comparison within one to two business days of receiving your current mortgage details. A full remortgage application typically completes within two to four weeks from application to offer.
Yes — though early repayment charges will apply if you leave before the end of your fixed period. We factor ERCs into the cost comparison and tell you clearly whether the saving from switching early is greater than the cost.
If your day rate has increased, a remortgage may unlock better rates and higher borrowing. If your income has reduced, a product transfer may be preferable. We assess your current position and recommend accordingly.
Yes — we provide mortgage reviews for contractors regardless of who arranged the original mortgage. If you have a mortgage from another broker or arranged directly with a lender, we are happy to review whether you are still on the best available deal.