Remortgage Conveyancing Solicitors

Calculate how much equity you have in your home – do some research to see how much your property could be worth to find your loan-to-value (LTV) ratio. You can do this by dividing the amount you still owe on your mortgage by the current value of your property (and then multiplying this by 100).

Check your credit rating – access your credit report for free through one of the big credit agencies to view your history of credit cards, loans, overdrafts, mortgages, mobile phone contracts and even some utility payments over the past six years. Once you've checked your credit report, you’ll be in a better position to see where (if any) improvements can be made before you apply for your remortgage.

Don’t apply for credit just before you remortgage – applying for credit within six months of remortgaging could increase your debt-to-income ratio. Lenders use this to determine your ability to repay any mortgage loans, so an increase in your ratio could make lenders wary that you may not be able to meet the repayments of the mortgage.

Check if you need to pay an early repayment fee – most mortgages will have an early repayment charge if you remortgage before the end date. As this fee can be thousands of pounds it’s definitely worth making sure you remortgage after this date (even if it’s the next working day) if you’re able to. If your current mortgage doesn’t have a charge, for example you may be on a variable rate rather than a fixed fee product, then you’re free to remortgage at any time.

Start the remortgage process early – you can usually lock in a remortgage offer three to six months before your current mortgage deal ends. However, be cautious of any fees involved with securing this rate early (such as arrangement fees). It’s important to weigh up the cost of any fees involved to secure the deal early, vs waiting to see what happens to interest rates. If you change your mind and switch to a better deal (after you’ve ‘locked in’ a rate, it’s likely you’ll lose any fees you’ve already paid, and may have to pay them again for the new deal as well.

Get your paperwork in order – You’ll need to provide the same amount of paperwork as you did when you initially applied for your mortgage. Therefore it’s a good idea to get this all ready to hand to help speed up the process. This can include your last three months' bank statements and payslips (including proof of any overtime or commission), your latest P60, proof of ID and proof of address.