Thinking about switching mortgages? Whether your fixed-rate deal is ending or you're looking for a better rate, remortgaging is a fantastic opportunity to take control of your finances.
It might seem daunting, but it's really about replacing your current mortgage with a new one that works better for you.
We've broken down the process into simple, manageable steps. Our goal is to make your remortgage journey as clear and stress-free as possible, helping you feel confident and in control every step of the way.
The Step-by-Step Remortgaging Process
- Review your current mortgage
- Your first step is to understand your current mortgage terms. Take a look at your interest rate, your remaining term, and most importantly, if any early repayment charges may be applied should you remortgage early. This will help you decide if it's the right time to move to a new product or stay with your current one.
- Timeline: You can do this right now – all the details are in your original mortgage offer documents.
- Assess your financial goals
- What are you hoping to achieve? Do you want to reduce your monthly payments, pay off your home sooner, or release some equity for a new project? Your goals will be your roadmap, guiding you towards the best product for your unique situation.
- Timeline: Take a day or two to think about your priorities.
- Affordability & credit checks
- At this stage, your lender will review your financial situation to make sure the new mortgage is a great fit for you. Whether you're staying with your current lender or switching to a new one, this is a routine check to ensure the new payments are comfortable and affordable, even if your circumstances have changed slightly.
- Timeline: This happens before a full mortgage application is submitted to a lender. It includes an initial lending decision from the lender and can take 24–48 hours.
- Compare lenders & products (with or without a broker)
- This is where we help you find the best fit! While you could go directly to a lender, many people find it helpful to work with a mortgage broker. We are your secret weapon – we can access exclusive deals that aren't available to the public and provide personalised guidance. As whole-of-market mortgage brokers, we'll help you navigate the entire market to find a product that perfectly matches your goals, saving you time and stress.
- Timeline: This could take as little as a few days to a week or two. It really depends on your needs and the amount of research that needs to be carried out, but ultimately it's a great opportunity to see what's out there.
- Submit your application
- Once you've found the perfect product, it's time for the formal application. We'll guide you through the process of submitting the necessary documents. This step is about getting the ball rolling, and we'll be there to answer any questions and handle the details on your behalf.
- Timeline: An initial lender decision could be available within 24–48 hours. This is just the initial step of a full mortgage assessment. We'll keep you updated every step of the way.
- Property valuation
- Your lender will arrange a valuation to confirm your property's value. It's a key part of their process, and it ensures the property is a suitable security for the amount being borrowed. Sometimes, this cost is even included as part of the mortgage package at no extra cost to you! It's important to remember that this valuation is for the lender's purposes, and it's not a full survey of your property's condition.
- Timeline: This typically takes about a week, but it could take a little longer for some properties.
- Legal work
- This is where a solicitor comes in to handle the essential legal details. They'll manage everything, from paying off your current mortgage to setting up the new one. Their job is to review all the important documents and make sure the process is smooth and secure, so you can feel confident in every step.
- Timeline: This happens at the same time as your mortgage application is being assessed by the lender. This could take around 4–8 weeks, depending on the solicitor's schedule and the specific details of your property.
- Receive your offer & completion
- Once your application is approved, you’ll receive your new mortgage offer! This is the final step before completion, where your new mortgage begins and your old one is repaid. Congratulations, you've done it!
- Timeline: The whole process could take around 4–8 weeks to complete after you apply. A little patience goes a long way!
What to prepare for a remortgage
Having these documents ready in advance could make your remortgage application a lot smoother.
- Proof of income: Recent payslips or, for our self-employed clients, your last two to three years of accounts and tax returns.
- Bank statements: Typically, three to six months of recent bank statements.
- Proof of ID and Address: Your passport or driving licence, plus a recent utility bill or council tax statement.
- Details of your current mortgage: A recent mortgage statement showing your outstanding balance and current lender.
- Property details: The full address of the property you are remortgaging.
- A list of your debts and financial commitments: Including credit card balances, loans, and any other regular payments.
Tips for a smooth remortgage
Getting a new mortgage deal should be an exciting step. These tips could help make the process feel easier and stress-free.
- Be proactive: The best time to start thinking about remortgaging is around six months before your current deal ends. This gives you plenty of time to compare options and avoid moving onto a more expensive Standard Variable Rate (SVR).
- Get your documents ready: Having all your paperwork organised before you apply could prevent unnecessary delays and help things move along quickly.
- Talk to us: Good communication with your broker and lender is key. We're here to help you every step of the way, answer your questions, and keep you updated throughout the process.
- Check for hidden costs: Don't just look at the interest rate. Carefully review any early repayment charges on your current mortgage and confirm whether your new lender includes free valuation or legal packages. This will help you see if switching is the best financial move for you right now.
- Review your finances: Before you apply, it could be a good idea to check your credit score and review your financial commitments. This helps ensure your application is as strong as it can be.