Contractor Financials

In today’s Autumn Statement, Chancellor George Osborne left little to the imagination when he outlined what Contractors can expect over the coming year and beyond. Further cost cutting measures and a more conservative economic outlook were to be expected but Osborne also revealed plans to aid small businesses and the next generation of Contractors alongside …

This week’s announcement that the Bank of England base rate will remain at the historically low level of 0.5% may continue to lull borrowers in to a false sense of security… Many Contractors have simply stayed put on their lenders Standard Variable Rate (SVR) once their original fixed or discounted scheme expired and whilst this …

Emilie urges Contractors to look at remortgaging as 800,000 homeowners could benefit

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Contractors have to date been happy to sit out the credit crunch on low Standard Variable Rates (SVR) from their lenders. Now, with mounting fears of a rise in the base rate, there has been heavy remortgage activity this month as Freelancers look to lock in current low rates… Before the ‘credit crunch’ it was …

Over 85% of Lenders standard variable rates (SVRs) are now higher than the cheapest fixed rate which means many Contractors could be paying over the odds for their mortgage. Since the credit crunch triggered an unprecedented drop in the Bank of England base rate to 0.5%, we have had the unusual situation whereby the Lenders …

The property market could be firmly on the rise as reports show house prices rose at their highest rate in the last five years in August. New figures from the Land Registry show house prices increasing by 1.7% to £155,885 in August which is the highest monthly increase since 2004. Prices have increased now for …

With gloom and doom seemingly around every corner, it’s good to report some positive news about the property market. For the third consecutive month house prices have risen and signs are that the worst may be behind us. Will would-be house buyers miss the boat as prices climb back? The latest Nationwide House Price Index …

With interest rates unlikely to fall any further, many Contractors are choosing to switch back to a fixed rate mortgage in order to cash in as rates begin to rise again. According to the Council of Mortgage Lenders (CML) the number of homeowners opting for a fixed rate mortgage is at its highest since June …

Tracker rates are comparatively so low at present that many borrowers are signing up for them despite the risk of the base rate rising… With fixed rate mortgage rates rising by around 0.6% and tracker rates being cut by around 0.3% in June increasingly borrowers are being tempted towards variable deals. The choice between a …

The Bank of England has announced that interest rates will remain unchanged but is now the time to fix? Since October last year, interest rates have fallen six times from 5% to just 0.5% in March and for the last two months, the Bank of England has chosen to freeze rates and watch how the …