Polar Mortgages (0203-129-4573), a Wandsworth, London mortgage consultancy, announces its updated contractor-friendly remortgaging solutions for builders looking for more favourable repayment terms and rates for their current projects.
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With the latest move, the company seeks to provide local contractors with guidance and analysis of the refinancing options they can choose from to present the most suitable plans. The team works with a panel of contractor-friendly lenders to present contractors with a variety of options with more flexible financial terms for each contractor’s individual circumstances.
Find out more about how to apply at https://www.polarmortgages.co.uk/remortgage-options-for-contractors
As part of its updated services, Polar Mortgages will send 10 quotes from lenders that are usually not available on comparison websites based on the details and requirements listed by each client.
Polar Mortgages has built a partnership network of lenders specialising in contract remortgaging that provides competitive interest rates to builders. Their plans come with additional features such as free legal conveyancing and valuation, cashback, longer-term repayment, and interest-only products.
The criteria that lenders take into account when assessing a contractor’s remortgaging application include the average working hours billed on a weekly basis, and workflow consistency, with a maximum of four to six-week gaps in between contracts allowed. Other factors considered include the time left on current projects, with soon-to-expire contracts requiring renewal or potential proof.
Lenders also factor in the type of work structure the contractor is operating through, as well as its expertise and experience.
Each lender’s affordability assessment determines the amount the contractor can borrow. It is usually based on the average calculation of 4.5 times the contractor’s earnings per year.
Polar Mortgages says its goal is not to automate the remortgaging application process but rather to match its clients with the right expert who can assist them with all the steps involving the contract refinancing process.
A spokesperson for the company said, “Our years of experience in the mortgage market have built us a solid working relationship with a huge panel of lenders. The vast majority of our lending panel is very contractor-friendly and go way beyond just the Metro Bank and Halifax. Today, the market’s changed and now offers a massive selection, with many of our lenders very flexible to individual circumstances.”
For more details visit https://www.polarmortgages.co.uk
Contact Info:
Name: Neil Bryant
Email: Send Email
Organization: Polar Mortgages
Address: 71-75 Shelton Street West End, London, England WC2H 9JQ, United Kingdom
Phone: +44-20-3129-4573
Website: https://www.polarmortgages.co.uk/
Release ID: 89085062
