Get Remortgage Ready

 

The late-Spring period is a busy time for remortgages this year – according to data from USwitch, over 371,000 of us are due to be coming up for a remortgage on our homes between April and June 2023, so chances that this may be you right now, or it’s coming up soon. 

 

We’re here to help you for every step of the way, and we’ve put together a brief guide on how you can get yourself ‘remortgage ready’, so that together, we can make this as simple and straightforward as possible for you. 

 

Why might I need a remortgage? 

 

One of the most common reasons for a remortgage is that the term granted on an initial mortgage deal is coming to an end. Most mortgages are granted on an initial two-year or five-year period, and once this expires, many lenders will put you onto their default Standard Variable Rate (SVR) which can mean that you end up paying more than you need to, as the interest rate is sometimes higher than can be sought elsewhere. 

 

For this reason, we’d advise that you get in touch with us, firstly, if you are in any doubt as to when your initial mortgage term expires, and secondly, for us to help you find a rate that may be more suitable for your own individual circumstances. 

 

This can involve either a full remortgage, finding a new product with a new lender, or we can help arrange a product transfer, which is where we can put you onto the most suitable mortgage product with your existing lender. Either way, we’d recommend that you come to us for bespoke, professional advice on the most appropriate deal that fits your exact circumstances, especially as there’s so much at stake. 

 

How to get Remortgage Ready 

 

There are a range of easy steps that you can take which will help make the remortgage process as smooth as possible: 

 

• Plan ahead – allow some time for a remortgage to take place, ideally contact us around 3 months ahead of your existing deal expiring to give a good amount of time to find the most suitable deal for your circumstances, and we’ll keep in touch at every stage of the process to keep you informed on what you need to do next. 

• Plan your finances – just as for applying for your first mortgage, it pays to make sure your finances are truly in order. Check your credit score, don’t apply for any new credit, avoid any large purchases, avoid payday loans or overdrafts at all costs to boost your chances of quick acceptance for a remortgage. It also helps to bear in mind an estimate of your existing property’s value – have a look around at property websites to get a good idea of recent market prices. 

• Get your documents in order – just as for your first mortgage, documents will be required to prove your identity, current address and proof of income – save time by gathering your documents together upfront. This can include your last 3 month’s bank statements and payslips, proof of any bonuses, your latest P60 tax form, official ID (such as Passport) and proof of your address, such as utility bills with your name and address visible. 

• If you’re self-employed – you’ll need to show additional proof of income with three years history. You can aid your application by showing future workload and incoming revenue stream. 

This should give you a good headstart on having the key documents and info you need ahead of a remortgage. We’re here to support you every step of the way, so if there’s any queries you have, just ask us and we’ll be happy to help. 

 

 

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

There may be a fee for mortgage advice. The Financial Conduct Authority does not regulate some forms of buy to lets. 

 

 

Sources 

 

1. USwitch (2023) UK Mortgage Statistics 2023. Available at: https://www.uswitch.com/mortgages/remortgaging/remortgage-statistics/ (Accessed 23rd May 2023) 

 

 

All the information in this article is correct as of the publish date 25th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information. 

 

 

 

 

 

 

Contact Nigel Osgood 

 

E: nigel@fshb.co.uk  

T: 01628 594433.