Don’t drift onto the standard variable rate.
When a fixed term ends, lenders quietly move you to their SVR — historically one of the most expensive rates on the market. We remortgage you onto a better deal, assessed on your day rate, before that happens.
Two moments that bring contractors to a remortgage
Most contractor remortgages are driven by one of two things: a fixed rate about to expire onto the SVR, or the discovery that your original lender won’t offer competitive terms now that you’ve gone independent. Both are fixable with the right placement.
Your fixed rate is ending
Introductory fixed and discounted rates revert to the lender’s standard variable rate when they expire — and the SVR is rarely competitive. Acting three to six months ahead lets us line up a new deal to start the moment your fixed term ends, so you never pay the SVR.
You went contracting after taking the mortgage
Many borrowers secured their mortgage while employed, then moved into contracting. At renewal, their original lender often declines to offer its best rates — despite a strong day rate — because its retention process doesn’t read contract income well. A specialist remortgage moves you to a lender that does.
Why else contractors remortgage
- Release equity to inject capital into your limited company or fund home improvements.
- Consolidate debt by folding higher-interest borrowing into one lower-rate monthly payment — weighed carefully, as this secures previously unsecured debt against your home.
- Improve your rate as your loan-to-value falls and better products become available.
- Change terms — adjust the term, switch to offset, or move between repayment and interest-only where appropriate.
How does the timing work?
- Review your current deal and end date three to six months out.
- Secure a new rate in advance where the lender allows.
- Complete the switch as your fixed term ends — no gap on the SVR.
A straight remortgage of your existing home generally avoids stamp duty, which makes it an efficient lever for both rate and capital. Speak to an adviser well before your fixed term ends to map the options.
Remortgage lenders that read contract income — a selection
Contractor remortgages, answered
My fixed rate is ending — how do I avoid the SVR?+
Start three to six months before your fixed term ends. A remortgage moves you to a new deal before you roll onto the lender’s standard variable rate, which is usually far more expensive. We can often secure the new rate in advance and complete it as your fixed term expires.
I became a contractor after taking my mortgage. Will my lender refinance me?+
Frequently not on competitive terms — many lenders won’t offer their best deals once you’ve gone independent, even with the same income. A specialist broker moves you to a lender that assesses your day rate properly, rather than leaving you stuck on the SVR.
Can I remortgage to release equity or consolidate debt?+
Yes. A remortgage can raise capital against your equity — to inject into your company, fund improvements, or consolidate higher-interest debts into one lower-rate payment. Consolidating unsecured debt onto your mortgage means securing it against your home, so we’ll weigh the total cost and term carefully with you.
Does remortgaging incur stamp duty?+
A straight remortgage of your existing home generally does not attract stamp duty, since there’s no change of ownership. That’s one reason remortgaging is a relatively efficient way to improve your rate or raise capital.
How is my income assessed on a contractor remortgage?+
The same contract-based way as a purchase: your day rate annualised over 46 weeks, or your gross umbrella/CIS income, placed with a lender that recognises it. Your existing mortgage history also helps demonstrate a clean repayment record.