What Do I Need to Know Before Remortgaging?

Important to know

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. You may have to pay an early repayment charge to your existing lender when you remortgage.

At Your Mortgage Experts, our mortgage advisors will help you every step of the way to ensure that your next move is a success. We will assess your circumstances and inform you of all available options so that you can make the best decision for your needs. After that, we will assist you in gathering all relevant information for storage so that they are easily accessible when needed during the remortgaging process. 

Please remember that a mortgage is a loan secured against your home. Your home may be repossessed if you do not maintain repayments on your mortgage or any other load secured against it. You may have to pay an early repayment charge to your existing lender when you remortgage. Think carefully before securing other debts against your home. And it is always a good idea to speak with an experienced mortgage broker who can talk you through the process and understand the options and what they mean for you 

All of us need a little refreshing on our mortgage knowledge from time to time. So, while you’re speaking with one of our advisors, they may ask you for some additional information about your mortgage. To be prepared, here is a checklist of everything you’ll need to know before remortgaging: 

#1. Details of your current mortgage: 

If you want to find a better remortgage option, it’s important that you know as much about your existing mortgage arrangement as possible. Your mortgage broker will need to know your balance, mortgage term and monthly repayment amount. If you want to exit your current deal, you will also need to know the early redemption charge and the current interest rate. Without a redemption statement or deed of postponement from your existing lender, it may be more difficult to move forward. Some lenders require a month’s notice for such administration so it is worth checking with yours in advance. 

#2. Income: 

If it’s been a while since you last checked in on your finances, now’s the time to do so. The more accurate your assessment, the greater chance you have of securing a good remortgage. For salary workers, split up your basic salary from things like overtime and bonuses—different lenders will have different criteria for these types of income sources. If you’re self-employed, be sure to bring at least two years of books. You can learn more on how to prepare for a self-employed mortgage.

#3. Expenditure 

Most people have other financial commitments on top of their regular expenses. If you can, get an accurate handle on these figures so you know exactly what your outgoing are each month. This includes loan repayments, credit cards, pensions, and any other mortgages or property ownership. 

#4. Predicting the future 

Although it’s not the end of the world if your predictions don’t come to fruition, you should still keep your lender or advisor in the loop. This includes possible plans to move, home improvements, or changes to your finances. 

#5. Financial matters 

Anytime you’re exchanging money, it’s important to follow the law and be transparent. The Money Laundering Act of 2007 has several implications for currency exchange. For example, bank statements are essential; if the initial funds were inherited, documentation showing how or where the inheritance came from will also be needed. If a donation was made, both parties need to have relevant paperwork documenting the donation. Any important documentation should be sent as a recorded delivery. 

#6. Property 

If you have made any changes to the structure of your property, be sure to keep handy any relevant documentation such as planning permissions or building regulations. Without these papers, your home may be valued differently. 

Remortgages with Your Mortgage Experts 

We’re proud to offer award-winning remortgage services that come from our team’s dedication to finding the perfect deal for you. This is possible due to the great relationships we have with numerous lenders. We’re in a fortunate position where we can approach different lending companies on your behalf, and find the best option available given your unique circumstances. Give us a call today for a complimentary consultation, or reach out to us online! 

Why should I know details about my current mortgage?

It's important to know your balance, mortgage term, monthly repayment, early redemption charge, and current interest rate to effectively navigate the remortgaging process.

What financial details are essential when considering a remortgage?

Details of your current mortgage, income sources (like basic salary and bonuses), monthly expenses, future financial plans, adherence to the Money Laundering Act of 2007, and documentation related to any property changes.

What makes Your Mortgage Experts unique in the remortgaging process?

We prioritise understanding individual circumstances, use our vast knowledge of lender relationships, and strive to present all available options to help clients make informed decisions.

Luca Bertolino

Mortgage Expert

Your Mortgage Experts is led by Luca Bertolino with 20 years experience in financial services and in the property market. Through Luca’s wealth of knowledge and expertise, Your Mortgage Experts have become a trusted adviser that clients have come to rely upon for all their mortgage and protection needs.

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