How to get remortgage ready

Ahead of your existing deal coming to an end, there are a few easy steps you can take which can help to make the next steps of your mortgage journey as smooth as possible.

• Plan ahead – timing is key – we aim to contact our clients 3–6 months ahead of their existing mortgage expiry date, to work together and find a solution that fits your specific needs. This may be reviewing Product Transfer options, or going for a Remortgage, which can require a few extra processes to be followed to get the deal that’s most aligned to your own mortgage goals.

• 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 months’ 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 help to give you a good head start on having the key documents and info you need ahead of a remortgage.

Having served the community for 27 years, FSHB are a trusted mortgage adviser that doesn’t charge a fee for advice. You can learn more on their website: fshb.co.uk

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

Financial Solutions (Home & Business) Ltd are an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Financial Solutions (Home & Business) Ltd is a company registered in England and Wales with company number 13300723. The registered office address is 20-22 Wenlock Road, London, England, N1 7GU. We do not charge a fee for mortgage advice. The Financial Conduct Authority does not regulate some forms of Buy to Lets. The Financial Conduct Authority does not regulate some forms of Trusts. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.