How to get ready to remortgage

How to get ready to remortgage

Mortgage term coming to an end? Remortgaging can be stressful at the best of times, especially in light of recent interest rate hikes. So what can you do to make it easier? The answer is to prepare in good time.

In advance of remortgaging, it’s wise to check your credit score, decide your financial goals and gather your documentation in good time. Do not to leave it too late. Consult a mortgage broker around 6 months before your mortgage term expires for professional and impartial guidance on remortgaging.

A professional mortgage adviser/broker is best placed to guide you through the remortgage process. They can help you calculate your borrowing and find you the best deal for your circumstances. In the meantime, here’s Bliss Financial’s helpful guide on how to get ready to remortgage.

To find out more about our remortgage service, please get in touch.

What does it mean to remortgage?

A remortgage is when an existing homeowner transfers their mortgage to a new lender or to another deal from their current lender. This could be due to the current mortgage deal coming to an end or if the homeowner is looking to take advantage of a cheaper deal, e.g. one with lower interest rates.

When can I remortgage?

You can remortgage at any time to take advantage of remortgage deals, but the trick is knowing the best time to switch. When interest rates are low, remortgaging with a new lender can be a good opportunity to save money on your monthly repayments.

If you choose to remortgage before the end of your current deal, there may be early repayment charges (otherwise known as an exit fee), so it’s essential to check with your current mortgage lender before you make a decision.

The main reason people remortgage is when their current mortgage comes to an end. It’s a good opportunity to shop around for the best deal, whether that’s with your existing lender or new mortgage provider.

Top 4 things to do when getting ready to remortgage

Here’s our list of things to do prior to remortgaging, which will make the process easier and more straightforward.

#1 Decide on your financial goals

You need to be clear on your financial goals when remortgaging. It is possible to raise money during the remortgaging process, i.e. borrow more money to release cash. The purpose of raising money could be for things like home improvements, for example.

If you do decide to release equity in this way, it will increase your mortgage payments so it’s essential to make a thorough assessment of your financial circumstances before you commit.

When remortgaging, there is also an opportunity to overpay on your current mortgage to reduce the loan-to-value ratio (LTV). The lower your LTV on your original mortgage, the lower the interest rates will be from your new lender. This is a great long-term way to save money.

#2 Get your finances in order

When you apply for a new mortgage, lenders will almost certainly check your credit history, so it’s good to get in there first.

In the lead-up to remortgaging, try to limit your monthly spending so that your outgoings don’t exceed your overdraft or credit limit, as any late or missing payments will directly affect your credit rating.

It’s also a risky move to take out new credit agreements just before remortgaging, as the lender may consider you a higher risk.

#3 Gather your documents

To remortgage, you will need all of your documentation ready, such as your payslips, bank statements, ID and credit report. This will enable your mortgage adviser to carry out their research more accurately and will enable a quicker turnaround from the lender.

#4 Contact a mortgage broker

It’s a good move to contact an independent mortgage broker around 6 months before your current mortgage is due to expire. This will set you in good stead as you will have a professional to guide you through the entire remortgage process. They will research lenders and rates on your behalf, calculate how much you can borrow and talk you through the different options available

Why use a broker for remortgaging?

A mortgage adviser/broker can provide professional insight and guidance when remortgaging your home, as well as taking on the paperwork involved in the mortgage application process.

They will first calculate how much you can borrow, taking into account your financial situation, future plans, property valuation and how much is outstanding on your mortgage.

Your broker will then provide impartial advice on the best type of mortgage deals to fit your circumstances, e.g. a fixed rate deal versus a standard variable rate (SVR) deal.

A broker will look at the whole of the market and compare deals from your existing lender and other lenders, assessing what they can bring to the table from an interest rate point of view. They will also ensure you fit the lender’s criteria before you apply, saving undue time and hassle.

Upon receipt of a mortgage offer, a good mortgage broker will ensure that you are comfortable with the terms and advise you on any fees involved (e.g. legal fees, arrangement fees, valuation fees) before you make your decision. It’s essential that you read all documents carefully and ask your broker any questions before signing on the dotted line.

Speak to Bliss Financial to find the best remortgage deal

Here at Bliss Financial, we have many years of experience in helping our clients remortgage their homes. We pride ourselves on our clear communication, and we always ensure that any remortgage we recommend is the most competitive for each client’s personal circumstances.

If you are considering remortgaging and don’t know where to start, then you are in the right place! Bliss Financial are here to help you navigate the remortgage deals available to you.

For a friendly chat about your remortgage requirements, please get in touch.

FAQs about getting ready to remortgage

If you’re thinking about remortgaging and still not sure, check out our frequently asked questions here or contact us today:

How will a lender’s standard variable rate affect remortgaging?

If you are coming to the end of your current deal and you do not move to a different deal, then your current lender will likely move you to their standard variable rate mortgage, which can mean an increase in your monthly payments.

What are prepayment penalties on a mortgage deal?

When you decide to come out of your fixed-term deal early, you may have to pay an early repayment charge to your current lender (also known as ‘exit fees’). These fees are only payable whilst you are in your current fixed deal and will cease once your current deal comes to an end.

Can I extend my existing mortgage offer?

Lenders are under no obligation to offer you an extension when your current mortgage deal expires. However, some lenders will extend your mortgage offer providing your financial circumstances and property valuation hasn’t changed significantly.

Can I move to a new deal with the same lender?

Yes, it’s possible to change your mortgage deal to another deal with the same lender. The lender may require you to complete a mortgage application and even request a new property valuation.

Can I remortgage if I’m self-employed?

You can remortgage if you are self-employed, but it can be trickier, and the lender may require additional documentation such as proof of income, statements of accounts and tax returns. However, there are specialist lenders that are more suitable for self-employed borrowers, which your mortgage broker will have access to.

Whilst getting ready to remortgage, you can decide how best to refinance to suit your needs. See why people remortgage here.

Picture of Amanda Marsden
Amanda Marsden

Amanda is the founder and owner of Bliss Financial. She has been helping clients with their mortgage and insurance needs for over 15 years. Her passion is to fully explore the options open to them and ensures the process is easy with no stress. She also specialises in helping clients invest in buy to let property and landlords.

Contact Amanda

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Selected from a number online because they stated that they have experience working with people from the military. This was essential given how moving on assignment often can be a negative for many banks when it comes to lending. Amanda was excellent and the process was swift and easy. We had planned to visit face to face but the process was just as high quality over zoom and phone.
Richard S.
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Amanda is great, everything was explained clearly and always responsive to queries, would highly recommend.
Pavitar P.
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This is my second time remortgaging through Bliss and Amanda. The service provided has made my life stress free and Amanda was thorough with her research into what deal and term would be best for me based on economic uncertainty and where I am atthis point of my life.I'd not use any other mortgage broker ✨
Harriet L.
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Amanda was extremely knowledgeable and helpful from minute one. I am very grateful to her for diligently working within a fairly tight timeframe to identify and provide me with the right product.Her communication throughout was prompt and well-received. I look forward to using her services again.
James D.
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Excellent service. Fully deserving of 5 stars. Nothing to fault. Great communication and everything went through in time with no issues. Would highly recommend Amanda Marsden.
Luke H.
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Amanda was absolutely brilliant from start to finish. She helped us secure our forever home mortgageWould 100% recommend for anyone needing financial services of any kind!
James B.
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Absolutely perfect service from start to finish, no stress, no hassle can’t recommend enough. Thankyou
sarah W.
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We have used Amanda for many years. She knows exactly what she is talking about and offers the best advice. I cant recommend Amanda enough if you're thinking of getting a mortgage or going through a Re-Mortgage. She reassured us throughout the whole process and was in touch every step of the way. Thank you Amanda, here's to many more years.
David J.
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Amanda was amazingly helpful and made the whole process hassle free. Even when I changed my mind a few times nothing was a problem and the end result was exactly what I was looking for. I would highly recommend Amanda and the team
Atha D.
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We used Amanda a few years ago for our first mortgage. She was an absolute hero for us. She sat us down and explained everything thoroughly putting all out worries at ease as first time buyers. We had issues with our chain which meant our mortgage offer lapsed and Amanda was there every step of the way right through to the day we moved in. Due to remortgage in the next year or so and I will always go back to Amanda.
Anya K.
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Once again very helpful and prompt in helping us with remortgaging our property, highly recommended
Natasha G.
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Bliss WILL get you the best mortgage solution possible. The best mortgage broker around!!
michaela M.
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Amanda was absolutely brilliant from start to finish. She helped me secure my first mortgage and also helped with organising the best deals on life and home insurance for my house. Would 100% recommend for anyone needing financial services of any kind!
Nathan C.
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We specifically selected Bliss as financial advisors for our mortgage, as we'd read great reviews from other first time buyers. Amanda was so welcoming and helpful, introducing us to the whole process. We actually went to her thinking we were fish out of water, and wanting to but not expecting to but for a few years, just wanting to get our heads around it. However everything felt easy, quick and well explained and we were accepted for a within approx 2 months of starting our search. Amanda has been amazing throughout the entire process - even personalising the way she presented documents to us to suit our styles (me, needing to talk everything out and my partner more graphs and charts!). Evening appointments were organised to work around our work schedules. She was in constant communication with all stakeholders, chasing things up for us and since moving, also supporting with insurances. I'd highly recommend Bliss, and specifically Amanda for any financial advisory services however particularly first time buyers, as no question feels like a silly question. For future purchases, selling, and any other financial services - we will definitely return to Bliss.
Amber B.
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Great service. Professional, friendly and efficient. Amanda did a great job in advising me and then finding and securing the best mortgage to suit my situation
Ed T.
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Absolutely amazing service, couldn't have received any better. Very friendly and quick at replying to all enquiries. Very understanding of our circumstances which were difficult but still got us everything we needed for our new house. Thank you again Amanda, will be recommended you to everyone who needs a mortgage broker ☺️
Stacey G.
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Amanda helped us to secure our first mortgage. She was on hand for support all the way through the process and very helpful in explaining things in a more simple way to help us to understand. She kept in contact with us regularly throughout the process and really made us feel at ease. We cannot thank Amanda enough for her support and help.
Annise M.
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I came across Bliss financial solutions by google search when desperately trying to find a mortgage advisor who could do the impossible (secure a DiP quickly, that met my difficult short term self employment circumstances).Amanda from Bliss has been a pleasure to work with. The perfect balance of professional and friendly, incredibly organised and certainly not deterred by a challenge. I’m really grateful for the time and effort she put into my case to allow me to secure the house I wanted within the mandated timeframe. Thank you so much Amanda and Bliss for allowing us to get our new home 💜
heather U.
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I just want to say how amazing Amanda at Bliss financial is!!. My partner and I were looking at buying a shared ownership prooerty and everything started happening very quickly ... but Amanda just took over from the start and literally kept me at ease the whole way . Herprofessionalism throughout was second to none and helped with every aspect of the process. Thanks to Amanda we now have the most beautiful home and we will be forever grateful for everything she has done for us. I would 100% recommend Bliss Financial.
charlotte C.
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Excellent service. Amanda really took the stress out of remortgaging for us. Highly recommended
Amy G.
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Switching mortgages has always been a frustrating and time consuming experience but using Bliss made the process seamless and most importantly stress free! They were excellent and I would highly recommend their services.
Neil G.
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Amanda has been totally invaluable through our first home buying journey. Always on hand to answer the hundreds of questions with her excellent knowledge and guidance.I would absolutely recommend Bliss Financial Services.
Matt D.
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We have been in our new house for nearly 2 months now all thanks to Bliss Financial Solutions, Amy was amazing sorting our new mortgage out and talking us through everything we needed to know. Very smooth process with good communications. Thank you very much. 🙂
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Exceptional customer service, professionalism and market knowledge.
George R.
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Really excellent & supportive service from start to finish throughout mortgage process, from initial enquiry through to successful completion, friendly, knowledgeable and always happy to take time to answer any questions - great organisation.
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Brilliant lady Amanda, always positive knowledgeable and helpful. Have no doubts in recommending her and Bliss Financial Solutions
Jeff W.
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Very prompt and professional team. Helped us out no end! Highly recommended
Wayne C.
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I would like to thank Bliss Financial Solutions for amazing, professional and swift responses during the process of my first home purchase.It has been an absolute pleasure each time I have met you and will 100% have no hesitation for contacting you again for future requirements and highly recommending you.
Paul K.
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We have recently used Amy at Bliss to help us get a mortgage. After having a stressful time at high street banks and other mortgage brokers, we contacted Amy for help. Amy was absolutely excellent and the work she does is outstanding. Amy went above and beyond and managed to find us a mortgage in a matter of days. Throughout the whole process Amy kept us up to date and managed the mortgage application seamlessly despite a stressful time with other companies. I would like to express my many thanks to Amy and the team at Bliss for being so excellent and thanks to them we now have the keys to our new home.
Alicia
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My experience with Bliss Financial was excellent, everyone went above and beyond. Provided the best advice and more. Our mortgage was sort with out any stress. I will continue recommending to friends a family looking for mortgage advice.
emma W.
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First class customer service, highly recommend Bliss Financial Solutions LTD to anyone that values a professional, efficient and personal approach. Being first time buyer my partner and I had very limited knowledge around mortgages and all things connected. Amanda and her team went above and beyond to ensure we understood everything and provided advice when we had any questions with immediate response. Bliss financial limited we thank-you kindly for making the whole mortgage process so easy, you took all the strain off us especially need due to the birth of our daughter 3 weeks ago you made the mortgage process easy and hassle free. I will definitely be a customer for life and if there is anyway I can share your company’s profile on social media please let me know as I would love to recommend your service to others.Many thanks Melissa Hodgson, Andrew and Eloise - three very happy customers 😊
Melissa H.
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Amy and the team were absolutely amazing! Nothing was too big. We didn't really know much about the process and Amy explained everything so we fully understood! We couldn't have done it without the team 100% would recommend to anyone! Thank you all so much ❤️
Rebekah F.
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We used Bliss to re morgage our property. Amy was absolutely fantastic, made everything feel really easy, she was clear in all her explanations, open and honest with setting expectations, and really knowledgeable. The whole process was really smooth. We also discussed life insurance which was something of a priority giving we had just had a little boy recently. Amazing service. Would highly recommend. We will definitely be using again for any future mortgage or insurance needs.
Lauren A.
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Excellent service, they really came to the rescue after being messed about by our current lender, amazing absolutely amazing. Just wish we went to them sooner would have saved a big headache 😃
Michael C.
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Efficient and friendly. The team helped source the most appropriate mortgage for us at a very busy and pressured time for interest rates and timeframes. They were very helpful in expediting the completion when our solicitors were holding up proceedings. The little gift afterwards was much appreciated also. Would recommend.
Kirsty T.
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Bliss Financials was a vital part of my journey to home ownership in the UK. They always gave personalized yet professional advice and were always accessible and responsive all through the process. They were very thorough, transparent and client centered; offered and discussed all the available options to enable me make an informed choice. I would totally and wholeheartedly recommend their services and I am very grateful to Amy who handled most of the process as well as Amanda and Sophie. Great team/firm!
Nwosa C.
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I would like to praise the excellent service of the Bliss Financial Solutions LTD.I have a brilliant experience with this company. I was buying a house for the first time and Bliss Financial advised me on every step of the process (mortgage, insurance), offering me suitable options that I could choose from. I always got great offers and still was in control.All members of the team (Amy, Sophie, Amanda) are brilliant, very professional, friendly and responsive.I am very grateful to Amy (my consultant) as she did help me very much throughout the process, nothing was a problem,I received responses straight away and she also prompted other parties to act swiftly (lender, insurance companies, solicitor, etc.).If I need mortgage or insurance in future, I will definitely ask Bliss Financial for help again.
Michal P.
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I am now on my second mortgage which was arranged using Bliss. What an outstanding service. From start to finish the Bliss team were great in answering queries that I had. They even pushed to get me an extension to my offer seeing me secure a great rate before the recent rises. This certainly helped me secure my dream home. I would recommend Bliss to anyone who is after a professional and personable mortgage advisor.
Dean
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Amanda worked extremely hard and was really efficient is securing a fixed deal for me at a time when rates were being removed across the board. I would recommend them to anyone.
Andrew M.
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Excellent from start to finish. Every decision and option were made clear to us about the implications and any questions we had were answered in a timely manner, making remortgaging easier than I imagined it would be. Thank you to Bliss Financial Solutions for excellent service and attention to personal details that really made us feel like our priorities were put first. We will use again at our next remortgage and would recommend to anyone.
Melissa B.
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Excellent company, fast and responsive and a professional outfitI appreciate Amy’s swift advice on a deal to secure a good rate 12hrs before the rate changed
Adam L.
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What a fantastic service. I contacted Amanda via a friend recommendation. She was friendly and helpful. She passed me to Amy who was my advisor for the whole process.As a first time buyer, I was like a rabbit in the headlights. But Amy reassured me and made the whole thing a breeze, with regular contact and updates along the way.Thank you to you all.Highly recommend 😁See you when it's time to remortgage 😉
Steven R.
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We have used Bliss/Amanda for a number of mortgages now and the service has always been second to none!We have had complicated financial situations that the Bliss team have used their extensive knowledge to support and ensure we receive the best product for us.We always recommend Bliss to all our friends and family!Thank you to Amanda, Amy and Sophie
Samantha B.
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The staff are amazing and very helpful throughout the whole process, the rates are very competitive and the after sales service is second to none, I would highly recommend Bliss Financial to anyone.MarkAspire Property Rentals
Mark L.
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Any Lyons found us an excellent mortgage deal and then helped us through a long complex legal process regarding the house. She was there for us all the way through keeping us informed and chasing up when there were delays, Thank you Amy and her team.
Ken W.
1665142125
Amy has been amazing from the start of our process as first time buyers until completion. We had a few delays along the way due to waiting on a new build but Any was there to guide us through every step of the way to help us rearrange another mortgage and kept us regularly updated on the process. I have already recommended her to friends and family and wouldn’t hesitate to use her again when we remortgage.
Melissa N.
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Really happy with the service from Amy and Bliss Financial Solutions - Amy made sure everything was as straight forward as possible, was super communicative and really easy to deal with. Would not hesitate to recommend them.
Rachael G.
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Amanda was very helpful. Gave advice over a number of options for my situation. Many other companies didn't even bother calling me back. Will definitely go back to Bliss again in the future.
Lesley C.
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