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
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.
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From first step to doorstep, we continue to be by your side, helping you achieve your homeownership goals. Now, our trusted partner First Mortgage – one of the UK’s longest-established, fee-free mortgage brokers – takes the lead on your mortgage application. With expert advice and access to 12,000+ deals from over 90 lenders, they’ll handle everything – from securing the right mortgage for you, helping with paperwork and even arranging protection policies for peace of mind. Whether it’s your first home, next home or a simple remortgage – you’re in great hands.
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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.
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.