When to start the remortgage application
We highly recommend getting in touch with us at least 3 months before your current mortgage deal is due to end, but ideally you should be starting the process 6 months in advanced.
It doesn’t matter if it is a straight forward remortgage where nothing is changing, or whether you are borrowing more money for a renovation project, debt consolidation or a holiday, we can find you the best fixed rate available to you.
What you need to provide
We need to see the following documents to get your application submitted:
- Photo ID
- Proof of address
- Bank statements
- Income documents e.g. payslips, SA302s
- Credit report
- Latest mortgage statement
We need the above as a minimum to be compliant with the Financial Conduct Authority and Anti Money Laundering legislation.
Things to think about when remortgaging your property
It can take a few weeks, even a month for a lender to review your application, approve the application and then issue the mortgage offer.
Before you speak to us to arrange your remortgage, you need to think about why you are remortgaging and if there are any additional funds you would like to borrow. If you do want to borrow additional funds, you will need to have the reason approved by the lender. The most common reason people wish to borrow additional fuds are to consolidate other debts or for home improvements.
All mortgages need to be reviewed by a legal conveyancer. They are often appointed by the lender. Their job is to ensure that the lender’s requirements are met by the borrower and that the mortgage is registered with the Land Registry. They will send you forms to gather your basic information and they will also issue your mortgage deeds for you to sign, in the presence of a witness. They are also responsible for confirming with your current lender the total balance you owe them and requesting the new mortgage funds from your new lender. The solicitor will then receive the funds, pay them to the new lender and if applicable, pass any surplus funds to you.