These are our top tips in making sure your remortgage goes as smoothly as possible.
Tip number 1 – Plan ahead
Starting your remortgage around 6 months before your deal is up gives you a good amount of time to consider all your options and do the right research. This means that you’re fully equipped with knowledge to make the right decision for you.
Tip Number 2 – speaking of getting prepared
Have your documents ready to go when you talk to your broker. Now we have done a video on this so go check it out but the initial documents you will need to have ready include:
- Your last three months’ bank statements
- Your last three months’ payslips
- Proof of bonuses/commission
- Your latest P60 tax form, showing income and tax paid
- Your last three years’ accounts or tax returns (if self-employed)
- ID documents (usually a passport or driving licence)
- Proof of address (e.g. utility bills or credit card bills)
Tip number 3
When deciding on a deal, Remember, it is not always about the interest rate, we need to factor in any fees associated, such as; product fees, valuation fees, any early repayment charges, application fee and any associated legal costs. Many lenders offer a number of remortgage incentives that can offset some of those costs. Consider the overall switch to a new lender and all the costs involved.
Tip Number 4
When it comes to the length of time to complete on your mortgage. Making sure you have a great conveyancer/solicitor is KEY. So like we always say, make sure you choose a solicitor right for you… after all you will be working with them a LOT during this time.
Tip Number 5
If your choosing your mortgage term, REMEMBER the lower your monthly repayment will be, as it will take longer to pay off, however, you’ll end up paying more interest to the lender over a longer period of time. If you choose a shorter the mortgage term, the higher the monthly repayments will be, but you ill clear your mortgage quicker and pay less interest to the lender.
When choosing how long you want your mortgage to be, think carefully of you monthly budget, because you’ll be committed to pay this, every single month!
If you would like to talk to us about your upcoming remortgage then get in touch on 01925 573 328
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
