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Getting ready to remortgage

Timing is key when it comes to remortgaging, and it’s never too early to start thinking about it. Whether you’ve seen a great rate that you want to switch to in order to save money, or perhaps your fixed deal is coming to an end, we’ll be here to offer expert advice and guidance along the way until the moment you’re ready to remortgage.

How much do you owe on your current mortgage?

You need to find out how much is left to pay on your current mortgage. If you’re unsure yourself, your mortgage adviser will be able to tell you the exact figure. Once you know the amount, you will know exactly how much you need to remortgage for and can work out what your repayments could be.

How soon can you remortgage?

The common question we get asked is: how soon can I remortgage? There is no set answer to this question. Technically, you can switch mortgage products any time you wish, however switching before your current deal has ended could mean you have to pay an early repayment charge.

Before you decide to remortgage, it’s important you find out if there is a charge on your mortgage, how much it would be and what date it applies until. This is something your mortgage adviser will be able to tell you, plus they can help advise whether it would be worth switching deals and paying the charge, or waiting until you’re out of the initial discount period of your mortgage.

Realistically, if you’re happy with your current mortgage and only need to remortgage because your offer period is coming to an end, then you’d probably want to start looking around six months before your end date.

Prepare your finances

There are a few things you can do to get your finances in good shape so you’re in a great position to remortgage:

  • Check your credit score
  • Don’t apply for any new credit
  • Avoid spending large amounts of money
  • Don’t go into your overdraft anymore than you already are (if you are)

Lenders want to see that you’re good with your finances and can still afford to repay them back each month, which is why the above points will go against your favour just before you remortgage.

Once you’ve finally completed your remortgage, you can tick it off your list, sit back and relax (until the next time comes!).

Understanding how remortgaging works will help prepare you for when the time comes. In the meantime, if you have any questions about your remortgage please don’t hesitate to get in touch, or if you’re looking for a trusted mortgage adviser, we can put you in touch with one local to you.

 

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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