Preparing your finances for your upcoming remortgage

So, your current mortgage deal is coming to an end, which means it’s almost time to grab an even better deal! As specialist, independent mortgage advisors, we pride ourselves on supporting individuals from all walks of life when finding the best mortgage solutions for them, and this includes when remortgaging. While our experts will do the hard work to find a new mortgage deal that suits your circumstances and complements your budget, there are a few steps everyone should take to prepare their finances for another closeup.

Whether remortgaging to simply secure a better interest rate, reduce your monthly repayments or free up equity, this is how to be more financially prepared…

Arm yourself with your credit score

Once again, it’s your credit score that will be scrutinised. Your credit history will be assessed in detail when confirming your mortgage deal as conveyancer Thorneycroft Solicitors describes:

“When a lender assesses your credit score, they are essentially determining your creditworthiness and the risk of lending to you. If you have a high credit score, they will feel more confident in lending you money, resulting in better deals. However, even if your credit score is low you shouldn’t be refused a remortgage.”

While not the only factor, knowing where you stand with your credit score – and taking steps to improve it if time is on your side – will give you access to better deals and lower monthly costs. As your remortgage date approaches, make sure all the basics (like registering to vote and checking for errors) are covered. You should also avoid making new credit applications in the months leading up to your remortgage.

Think like a mortgage lender

In addition to assessing your credit score, lenders will examine your income, expenses and any outstanding debts, and we encourage you to do the same to prepare your finances appropriately.

Think like a lender – would they view that unnecessary spending or those high-interest debts as negative or positive? Do you have a solid source of income that they would view as ‘stable’? Improve your chances of remortgage success by asking yourself these questions, being honest with the answers and making any changes that will improve your outlook.

Take a look at your current product

Knowing what you want – and what you don’t want – will help you get the remortgage deal you deserve.

Our experts are on hand to lend their professional support and guidance, but looking at your existing mortgage deal is a great place to begin. Pay attention to the interest rate you are paying, the term you agreed and any fees that are applicable, such as early repayment charges. Understanding these details will help determine why switching is worthwhile.

Gather all the essential paperwork

Don’t leave gathering all those key documents to the very last minute! Be prepared by organising paperwork like recent payslips, tax returns (if self-employed), bank statements, and details of any other loans or financial commitments in advance. It could keep the remortgage process on track and even speed things up.

Call on The Mortgage Bureau

Shopping around for the best remortgage rates isn’t something you have to do alone. We can help you discover the remortgage deals that suit your financial situation.

We’ll support you throughout, keeping you informed and the whole process transparent. We operate completely independently from all mortgage lenders, estate agents and life assurance providers, so we really are looking out for YOU.

Get started with your remortgage today by finding your local advisor!