A guide to the remortgaging process

Every year, many people decide to remortgage their home to save money or to consolidate their debts. This decision is an important one however, and you should do plenty of research to ensure that you are getting the best deal and will actually save money by remortgaging. Don’t forget to contact your current lender to see what deals they can offer you, as well as research other lenders on the market.

At iam Mortgages, we can do the hard work for you and compare the market to help you find the best remortgage deal for your circumstances. Get in touch with our mortgage experts today. In the meantime, here is a step-by-step guide to how the remortgaging process works.

Consider when and why you should remortgage

You should always consider the reasons why you think it would be best to remortgage your home. Are you hoping to save money? Get a lower interest rate? Consolidate debt? Release equity? If your present deal with your lender has ended (for instance, your fixed rate deal has finished), it can be a good time to remortgage your home to avoid being placed on a more expensive Standard Variable Rate (SVR). Getting the timing right can be the difference between paying early payment charges or not having to do so. Most lenders will let you sign up to a new deal up to three months before your current deal ends, so you can switch quickly and easily onto a new deal.

Do your homework

It’s important that you research the market carefully before you make that all-important switch to a different lender. Consider whether you want a fixed or variable rate – and whether you want the flexibility to make overpayments. Also think about the amount of interest you will pay overall, as well as any fees you need to pay as part of any new deal you would sign up for.

If you need help deciding on the right kind of remortgage deal for your circumstances, our mortgage experts can help. Tell us what you need from a remortgage deal and we will search the market to find the best deal out there.

Submit your application to remortgage

You’ll need the following documents for a remortgage application:

  • ID (a passport or driving licence)
  • Proof of income and outgoings, such as bank statements
  • Details of your current mortgage deal and when it expires

At iam Mortgages we can help you find the best remortgage deal and help you with the application process, too. We like to make things easier and our mortgage experts are waiting to hear from you, so get in touch if you need help with a remortgage application.

Await your assessment and offer

When you apply to remortgage, your lender will examine your income, outgoings and credit history to ensure that you can afford your remortgage payments. They will also need a valuation of your property, which they will organise themselves. If they are satisfied that you can make the repayments, you will receive a formal mortgage offer.

The legal stuff

When you have accepted the mortgage offer, you will need a conveyancer to carry out the necessary legal work associated with transferring you to a new lender. They will also handle any changes to your mortgage on your behalf such as the borrowing of more money, or changing people named on the mortgage. Some lenders offer legal services for free as part of the remortgage deal, but this will vary.

Whatever your reason is for remortgaging, contact us at iam Mortgages today where our experts can help you find the best deal for your financial and living circumstances. Simply fill in an enquiry form and we will get straight back to you.