Normally remortgaging is a quicker process than buying a new home but it can still take some time so be prepared.

Shop around

Give yourself plenty of time to do your research and find the right remortgage deal. Most lenders allow you to apply and secure a new rate up to 3 months before your existing product ends, this means you can move straight across to your new mortgage when your old one finishes.

You should also find out if there are better deals available with other lenders, using an independent mortgage broker will save you time and effort with the research, and remember we do not charge you a fee to do this.

Decide which deal is best for you

Think about whether you want a rate that goes up and down as interest rates change, or if you want to guarantee your monthly payments for a certain period by going for a fixed rate.

It is also important that you do not focus exclusively on the interest rate, it is the overall cost including any fees that is important.

Submit your application

When you submit your application, you will be asked to provide proof of identification, proof of income and details of your outgoings. It will save time if you are prepared, try to have at least 3 months payslips, or 2 years accounts, your passport or driving licence, and recent bank statements before you apply.

Submitting your application through a mortgage broker is useful as they can help you through the whole process and deal with the lender on your behalf.

Assessment

Before approving your mortgage, a lender will need to assess your income, financial commitments and outgoings to make sure the mortgage will be affordable. They will also look at your credit rating and carry out a valuation of your property.

Offer and Completion

After completing all of their checks, your new lender will then issue a mortgage offer. Your solicitor or conveyancer will undertake all of the necessary legal work and take the process through to completion by arranging for the funds to be transferred to your previous lender.

If you are borrowing additional money, to consolidate other debt or carry out some home improvements for example, the extra money will usually be paid to you.

Whatever your reasons for remortgaging, talking to an independent mortgage adviser can help you find the best deal.

They can also advise on how much you can afford to borrow – whilst giving you expert advice about which mortgage best fits your needs and circumstances.

If you are interested in remortgaging your property, or you want to see which options are available to you, then get in touch, we will be able to find the best option for you, quickly and hassle free.