Whether your current fixed rate is coming to an end, you are looking to swap to a better deal, or you want to release some money to consolidate debts, these are just some of the reasons why you may want to remortgage. People often get overwhelmed with the paperwork required for a remortgage, but we are here to help reduce that workload.
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Can't I just stay with my current lender?
Yes, you absolutely can! This is called a Product Switch or Product Transfer.
Whilst you may wish to stay with your current lender to avoid some of the costs associated with remortgaging (survey and solicitor fees), you may find you can get a better overall deal by transferring to a different lender. A broker can advise what will work out best for your personal circumstances.
When should I arrange my remortgage?
Generally you should look to start the remortgage process around three to six months before your current fixed deal ends. Some lenders will let you reserve a product for up to 90 days before having to complete a full application, so it may be worth speaking to a broker a little bit before this.If rates come down before your remortgage is due to complete, we can apply for another deal if time allows.
There is certain paperwork that needs to be completed if you transfer to another lender and it is important to allow time to get this completed. If you don't complete on your remortgage before your current fixed deal ends, your lender will place you on their Standard Variable Rate (SVR) and your mortgage payments are likely to go up.
I'm sure I didn't have to do all this paperwork last time!
This may have been because you did a Product Transfer with your existing lender where not as much paperwork is required. It may seem overwhelming at first, but the paperwork is generally quite straightforward. Plus, we are here to help you every step of the way! You will need to complete:
A Remortgage Questionnaire, which can be completed on line or posted
A Customer Declaration, which must be printed, signed and returned by post
A Digital Mortgage Deed with the Land Registry online, or a Paper Mortgage Deed if your case is not eligible for this service.
An Occupiers Consent form if anybody lives at the property who is older than 17 years old and is not named on the mortgage.
For further guidance on remortgages, please click here.
- Driving license
(with the correct details on them!)
3 to 6 months worth
- To prove expenditure and affordability
PROOF OF ADDRESS
- Bank/credit card statement
- Utility or council tax bill
- Driving license (if not used for photo)
PROOF OF INCOME
- Payslips (minimum 3 months) If employed
- SA302/tax year overview (1-3 years) if
We recommend using Checkmyfile.com as it is the most comprehensive credit agency – you will be amazed what the banks can find out about you! Checking here first will help you understand what they will see.
What documents do I need?
Sometimes lenders do not ask for all of these things, particularly if you already hold an account with them. When we arrange your remortgage we can advise on the exact documents needed.
Can I remortgage early?
You may wish to remortgage early if you want to lock in a cheaper deal, or if your circumstances change. Whilst there is nothing stopping you from doing this, it is worth checking if you have an Early Redemption Charge or an exit fee. Contact us and we can discuss the potential cost implications as well as the savings.