Self-employed electrician remortgages home saving £80 pcm

We were approached by an electrician who was looking to remortgage his home – a four-bed detached house in Cheshire.

Having reached the end of the initial rate period on his existing mortgage, he was keen to refinance onto a lower rate to reduce his monthly payments.

The client was under the impression that qualifying for a new rate with a different lender would be a challenge due to his self-employed status – this is not the case.

The majority of rates are available to both employed and self-employed individuals.

We were able to secure a very competitive tracker rate at 1.44%, saving the client just over £80 pcm.

Here are the details of the deal:

Property value: £300,000

Loan amount: £141,000

LTV: 47%

Rate: 1.44% term tracker

Term: 30 years capital and interest

Lender arrangement fee: £995

Mortgage payment: £442 pcm

Previous mortgage payment: £525 pcm

Consultant: Andy McOwat, 01625 416396


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25th April 2016