Research from Barclays shows that nearly half of UK homeowners have never remortgaged, because they can’t face the thought of all the paperwork involved. But, it doesn’t have to be that way! The benefits of remortgaging – like greater control of your finances and potential savings – mean it’s well worth getting your head around. Follow these top tips from expert brokers to streamline the remortgaging process.
Tip 1: Use a mortgage broker
We may be biased, but having a great mortgage broker in your corner is the number one way to speed up your remortgage and make it as stress-free as possible. That’s because they’ll do all the heavy lifting for you – finding a great mortgage deal, helping you with paperwork and admin, then sending your application off to your chosen lender.
When you remortgage with Moneybox Mortgages – our mortgage advice service – you get all of this support and more, free of charge. A whole team of brokers and case managers will help get your remortgage over the line, as quickly and efficiently as possible. They’ll even chase your lender and solicitor, so you don’t have to! Head in-app to Accounts > Mortgages to book an appointment, check the latest rates and get your application underway.
Tip 2: Check your credit score before lenders do
Get ahead of the game by downloading your credit report before lenders get their hands on it. You can get a free report from the three main credit agencies – TransUnion, Experian and Equifax – along with personalised tips to help you boost your score.
In the six months before you apply to remortgage, it’s best to avoid taking out new credit, like buying a car or sofa on finance. You’ll have to declare it on your mortgage application, which could reduce the amount you can borrow.
Also, it’s important to make sure that all your personal information is accurate and consistent with each credit agency, including your address history – as lenders will check that this is consistent with what’s on your mortgage application.
Tip 3: Consider a product transfer with your current lender
One of the quickest and most straightforward ways to remortgage is by doing a product transfer with your current lender, as there’s no conveyancing (legal work) involved. This can also save you money on solicitor fees.
As your current lender will already have all your mortgage details on file, you’ll just need to choose from their selection of deals – although you might miss out on a better one available on the open market. Expert brokers at Moneybox Mortgages can help with your product transfer application, or if you want to compare deals, they can also show you options with other lenders.
Tip 4: Organise your paperwork early
Finally, avoid any paperwork-related stress by getting all your key documents together before you’re even ready to apply. Sending everything to your broker before your mortgage appointment means they can quickly re-confirm your details and submit your application straightaway! If you’ve forgotten which documents you’ll need, here’s a mortgage document checklist to help. You’ll also need to give your broker a rough estimate of how much your property is currently worth, so they can work out which rates you’ll be eligible for.
You may have to pay an early repayment charge to your lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Moneybox Mortgages is provided by Moneybox Mortgages Ltd.
