Step 2: Verify How to Remortgage for the Right Value
Your lender can provide a statement on request, which shows how much you have left to pay. This document is useful if you're debating why remortgage now, and it means you have the information at hand to make informed decisions.
Homeowners who are unsure how remortgaging works should always start by looking at their current contract, so they know what they’re paying in terms of interest and fees, not just the monthly amount.
Step 3: Why Remortgage With a Broker?
Independent brokers with whole-of-market access can recommend any remortgage from any lender we feel is appropriate for your needs and offers the best value for money. Because of how remortgaging works, you must know what alternative products are out there to ensure you're not paying more than necessary.
Learning how to remortgage your house is also significantly easier and normally faster, with an experienced broker to help you make informed decisions.
Step 4: How Remortgaging Works: Choosing a Product
One of the many reasons we suggest working with a broker when working out how to remortgage and reduce your costs is that there are potentially hundreds of lenders and products. Rolled-up fees, free legal charge incentives, interest rates and exit fees are all relevant factors you must consider.
Homeowners unsure how to remortgage a house and get the best product for their circumstances can access support to choose between terms, repayment, interest-only and other options such as an offset remortgage.
Step 5: How Remortgaging Works in Terms of Legal Requirements
If you are remortgaging through a new lender, you’ll need a conveyancer or solicitor to manage the paperwork, handle the mortgage deeds, and transfer the property title as appropriate.
Knowing how to remortgage your house isn't solely about selecting lenders but understanding each stage, including the legalities.
Step 6: What Is Remortgaging Eligibility Checks?
Next, your remortgage provider will conduct affordability assessments and other checks. Understanding how to remortgage your house with the best-suited lender makes a big difference because if at this stage, the lender finds they cannot make an offer, you may need to start your search again.
Unsure how remortgaging works and what background checks your lender will conduct? It would help if you had the following documents ready:
- At least three months of payslips, bank statements or self-employed accounts.
- Utility bills and credit card statements, plus three years of address history.
- ID documents and a P60 where relevant.
- Information about other debts and outgoings.
Can I find out how to remortgage my house if I don't have this documentation? If you are unemployed, have a variable income, or have any other issues with providing your affordability and eligibility records, an independent broker should be your first point of call.
Looking at how to remortgage your house could mean picking a niche or specialist lender if you cannot meet the standard eligibility criteria imposed by mainstream banks.
Step 7: What Is Remortgage UK Agreement in Principle?
Once the lender is happy with their assessments, they will offer an agreement in principle. If you're new to learning how to remortgage, this document is a written initial proposal that tells you what they're willing to offer and at what rate.
What does it mean to remortgage with an agreement in principle? This offer isn't binding or final. A lender can still withdraw the offer if their more in-depth underwriter's assessment uncovers any complexities, such as issues with your credit history.
However, working out how to remortgage a house means you normally start with this agreement before submitting a full application.
Step 8: Property Valuations: How Remortgaging Works
The next element is a valuation of your property, and some lenders provide this service free of charge, but others levy a cost. Because of how remortgaging works, some lenders might conduct a desktop valuation, and others may require a full property survey, particularly if you're remortgaging with a different provider.
Step 9: How to Remortgage a House and Submit a Full Application
After all these steps are complete, you are ready to apply for a remortgage, provided you’re happy that the agreement in principle is satisfactory. Why remortgage with a different lender? If you have found a product or offer at a better rate, you don’t have to accept the agreement in principle.
Step 10: How Remortgaging Works – the Offer to Lend
If the lender approves your application, they will send a full offer to you or your solicitor. How to remortgage a house in advance? The offer may be valid for up to six months, so you can proceed as you wish, normally to coincide with the end of a fixed-term deal.
The final steps are for your solicitor to draw down the finances from the lender, repay the old mortgage, and register the new details with the Land Registry.
At any stage during the remortgaging process, an independent broker can provide ongoing updates, liaise with your selected lender, or review your mortgage offer to ensure it is the best option based on your borrowing requirements.
2023-05-09 
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