Written by: Rachel Geddes - Strategic Lender Relationships Director
Whether you're navigating the remortgaging process for the first time or you’re a seasoned homeowner, being well-prepared for a mortgage renewal can make all the difference.
Let’s explore some tips and advice to help you plan for remortgaging.
Start looking early on
Before your mortgage renewal notice even arrives, start checking out your current financial situation and goals.
Make note of any changes in your income, expenses, and overall financial health. When you understand these, you’ll be in a better position to find mortgage deals that work for your circumstances.
It also makes it easier when it's time to provide lenders or advisers with important paperwork.
Research current mortgage rates
Speaking to an adviser will keep you up-to-date with the latest mortgage rates in the market. Your adviser will be able to compare rates from different lenders and financial institutions that you may otherwise have overlooked.
We recommend getting in touch with your adviser around six months before your mortgage renewal is due.
Review your credit score
It’s important that your credit score is up to scratch before you remortgage.
Get a copy of your credit report from companies such as Experian or ClearScore, and check it for any errors or outstanding issues.
If your score is on the low side, it's wise to try to improve your credit score, even if it’s only by a few points as this could potentially open you up to better mortgage options.
Understand your options
Be sure to familiarise yourself with the various mortgage options available to you.
Depending on your own goals, you may want to explore some different terms. Is going onto a fixed rate right for you or would you prefer something more flexible? Do you want to shorten or extend your mortgage term?
Now is the time to make decisions about these things and speak to an adviser about your goals. They will be able to help you find a solution that suits your needs.
Get in touch with your adviser
Don’t be afraid to reach out to your adviser well in advance of the renewal date - we recommend around six months.
Speak to them about your plans and ask them about the options available. A mortgage adviser will be able to help you find a new deal that suits your circumstances.
Remember, being proactive in your approach could lead to some positive outcomes.
Calculate your affordability
Use our affordability calculator to work out what you can afford. This will give you an overview of what to expect when it's time to work out monthly payments, interest rates and loan terms.
This information should give you a more realistic idea of what to expect for your mortgage renewal.
Important FAQs
Your mortgage lender should be in touch around six months before you’re due to remortgage. It’s a good idea to get in touch with a mortgage adviser around this time, if you don’t already have one, as they have access to many different mortgage lenders and can help find the right deal for you.
The decision to fix your mortgage will depend on several factors, including your own financial goals, risk tolerance and market conditions. Fixed rate mortgages can offer stability, but if you believe rates may come down, a tracker mortgage could be a good option. Sticking on your lender’s SVR isn’t ideal long-term as you could end up paying more than you need to.
If you’re unsure of what to do, speak to a mortgage adviser.
Getting professional advice
Are you ready to take control of your remortgage and get ahead of the game?
By speaking to an adviser, we can help you monitor your mortgage, give advice about your next steps and offer solutions to any questions you may have.
Remember, early preparation is essential, and we’re here to lend a hand with that too.
Let’s talk about your mortgage.