Remortgage Advice

The first step is to get in touch with ourselves, start a conversation around price, purpose etc lets get a clear idea of what your mortgage requirements are.

Once the goal(s) have been set we will need some documents from you to support the mortgage application typically these include –

Proof of Identity – passport or driving licence

Proof of Address – utility bill or bank statement dated within the last 3 months

Latest 3 months personal bank statements

Latest 3 months payslips (or latest 2 years tax calculations if you are self-employed)

The application will then be submitted to the lender by us, the lender will then perform 3 checks – on your credit file, your income and the property the mortgage is to be secured against.

Once your application is approved you will receive a mortgage offer, if this is satisfactory the legal process then needs to be completed.  This involves paying off your current lender, drawing up a new mortgage deed, and starting the new loan.

The remortgage process takes on average 4 to 8 weeks to complete, timescales vary depending on the individual nature of the transaction.

Remortgaging can bring many benefits, these benefits are generally in one of two groups – either raising cash for a variety of personal reasons, or improving your current financial position.

Capital can be raised during a remortgage transaction to pay for home improvements, consolidate debts, helping a family member, or buying another property.

It makes sense to sometimes raise capital via a remortgage because the rate of interest on a mortgage is so low compared to other financial products, this results in the monthly payments being very attractive.  However, because a mortgage term is typically longer than a personal loan term, the overall cost needs to also be taken into consideration before making a decision.

A remortgage can also deliver better terms – perhaps a lower rate of interest or a reduction in the term of your mortgage.  You can save yourself thousands of pounds over the term of the loan if you make the right decision.

The best time to remortgage is when the terms of your current mortgage are close to expiry, this is usually when your current fixed or tracker rate ends and you are due to revert to the lender’s often higher standard variable rate.  Early repayment charges typically cease at this point and so performing a switch of lender or changing the terms with the current lender is most cost effective at this point.

However, you can remortgage during the initial early repayment charge period, assuming the benefits of doing so outweigh the cost of paying the early repayment charge.