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  • Writer's pictureMortgageLadder

Preparations before Remortgaging

Before jumping into the remortgaging process, it's important to take a few steps and consider certain factors. Here's what you should do: Plan ahead: Start planning three to six months before your current mortgage deal expires. This will give you ample time to explore your options and make an informed decision. Improve your credit file: Take steps to enhance your credit file, as it plays a crucial role in securing a favorable mortgage. Read up on how to increase your chances of obtaining a mortgage by improving your creditworthiness. Assess your borrowing capacity: Determine how much you can borrow based on your current earnings and circumstances, rather than relying on the figures from when you initially took out your mortgage. This will provide you with a realistic understanding of your financial limits. Survey the market: Scan the mortgage market and search for the best available deals. You can start this process up to six months prior to the expiration of your existing mortgage deal. Securing a competitive rate will help you save money in the long run. Seek guidance from a mortgage broker: Consider consulting a mortgage broker, especially if you are self-employed or have a variable income. They can provide valuable insights and guidance tailored to your specific situation, assisting you in finding the most suitable mortgage options. Check for charges: Before proceeding with remortgaging, carefully review your current mortgage agreement for any early repayment charges or exit fees. Being aware of these financial implications will help you make an informed decision. By following these steps and considering these factors, you can ensure a smoother remortgaging process and make the most advantageous decision for your financial circumstances. For a personalised review of your mortgage requirements and to discuss your options, please reach out to one of our expert mortgage brokers using the link


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