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Some simple steps to get yourself remortgage ready

UNCATEGORIZED | 22.02.2021

If you’re considering a remortgage but you feel uncertain how exactly to proceed then it’s always helpful to seek out advice from a qualified and experienced mortgage advisor who can take away much of the guesswork, effort and hassle.

Switching your mortgage deal can be hugely beneficial and many borrowers decide to shop around when their current mortgage term is coming to an end, even if it’s just to get a little more saved. There are some steps you can take to get yourself ready for a remortgage and we’ve put together some of the key ones right here…

Get the process started early

A lot of borrowers, who perhaps originally rushed into a mortgage deal decision, find themselves locked into a deal with high early repayment charges if they want to change it. However, sometimes it may actually be beneficial to you to consider changing before your deal comes to an end in order to obtain a cheaper rate. You can in some cases secure a new deal early in preparation for when you are free to change lenders. This will help you to save money and avoid dropping onto the lender’s standard variable rate when your current deal ends.

Look into decreasing your LTV band  

In order to access cheaper rates it’s a good idea to drop your LTV band before you remortgage. If you happen to be on the cusp of a lower band then it could be worth focusing on repaying a little more before you consider getting into the remortgaging process. Taking some measures to help increase your property’s valuation can also help when it comes to dropping your LTV ratio. Seeking out the services of a professional mortgage advisor can aid you with this, as they can direct you onto the best course of action to establish the right lender for your LTV and what adjustments you could make to improve the offers that are available to you. 

Obtain a property valuation

As mentioned above, getting another property valuation is a great step you can take before making a full decision on a remortgage. By valuing your property, the lender will know that they have sufficient collateral to cover the funds lent if you fail to make your repayments. Keep in mind that you may be charged to get a valuation or it could be included in the overall mortgage process.

Get your finances in order

You always want your finances to be in good shape before you go through a mortgage or remortgage process. If things aren’t looking great financially then of course lenders will be less willing to approve you. So, ensure you avoid heavy spending sprees or applying for credit in the weeks leading up to applying for a remortgage. Remember that any lenders will generally look at your last 3 months of statements. 

Don’t just reapply straight after a rejection

In the unfortunate case that a lender rejects your application don’t just reapply straight away, as one rejection can impact your credit score, and if you get more then it can negatively affect it in a big way.  Your lender will freeze things after a rejection, in order to address any issues that might be preventing you from getting a remortgage approved. So, it’s generally best to reapply 3 to 6 months later in order to get yourself into a better position to be accepted. 

A broker can make things easier

Of course you can approach your existing lender/bank to assess what they can offer you in terms of a remortgage. However, if you wanted to look at other options then you would need to approach these other lenders and banks individually, unless you took advantage of an experienced mortgage broker. A mortgage broker will have access to hundreds of deals from well-established and specialist providers, and some of them will be exclusive to that broker. They will do the leg work for you and take into account your individual circumstances to search the market and find you the best deal for your particular needs.  If you’d like to remortgage your home, whether it’s to protect yourself against interest rate rises, to free up equity within your property or use savings to pay off a larger portion of your debt, please get in touch with the team at TaylorMade today.
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