Overview of the Remortgage Process
Remortgaging is generally simpler than getting your first mortgage. You're not buying a new property, so there's no chain to worry about and the legal work is more straightforward.
Step 1: Review Your Current Situation
Before you start, gather information about your current mortgage: remaining balance, current rate, when your deal ends, and any early repayment charges. Check your latest mortgage statement or log into your lender's online portal.
Step 2: Get an Idea of Your Property Value
Your Loan-to-Value (LTV) ratio affects which rates you can access. Check recent sales of similar properties on Rightmove or Zoopla to estimate your home's current value.
If your property has increased in value since you bought it, you might now be in a lower LTV band, unlocking better rates. A £200,000 mortgage on a property worth £300,000 is 67% LTV - much better than the 90% LTV you might have started with!
Step 3: Compare Deals
This is where we come in. As whole-of-market mortgage brokers, we compare rates from over 90 lenders, including your current lender's product transfer options. We'll find the best deal for your situation.
Step 4: Apply for Your New Mortgage
Once you've chosen a deal, you'll need to complete a full mortgage application. This involves providing documents to prove your identity, income, and outgoings.
Documents typically required:
- Proof of ID (passport or driving licence)
- Proof of address (utility bill, bank statement)
- Last 3 months' payslips (or 2-3 years' accounts if self-employed)
- Last 3 months' bank statements
- Latest mortgage statement
Step 5: Property Valuation
The new lender will value your property to confirm it's worth what you say. This is often done as a desktop valuation (using data rather than a physical visit) and is usually free.
Step 6: Mortgage Offer
Once the lender is happy with your application and valuation, they'll issue a formal mortgage offer. This usually takes 2-4 weeks from application.
Step 7: Legal Work
A solicitor handles the legal transfer from your old lender to your new one. Many remortgage deals include free legal work, so you won't need to pay for this.
Step 8: Completion
On completion day, your new lender pays off your old mortgage and your new deal begins. This is timed to coincide with your old deal ending to avoid any gaps or overlaps.
The whole process typically takes 4-8 weeks, though it can be quicker if there are no complications.