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What Do You Need to Remortgage?

Working out what do you need to remortgage, and do I need a mortgage broker to remortgage before you apply can streamline the process and ensure your selected lender won’t reject your application due to missing or incomplete information.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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What Do You Need to Remortgage?

Working out what do you need to remortgage before you apply can streamline the process and ensure your selected lender won’t reject your application due to missing or incomplete information.

Looking at what do I need to remortgage is an opportunity to collate paperwork, review your income, prepare evidence of your finances, and potentially save money by making proactive decisions about the best remortgage for you.

Do I need a mortgage broker to remortgage and when can I remortgage my house? Unless you're in a fixed-term term, you can remortgage as and when you wish, and a little preparation will normally mean the remortgage will be completed quickly.

How Does Remortgage Work UK?

The first step is to ensure you have checked your credit report, calculated your annual income, and know your current property value and borrowing level. What is remortgage means? You're switching to a new product or lender, repaying your existing mortgage, so you need all this information to hand.

Can you remortgage to pay off help to buy or other debts? Absolutely – but if there are issues within your credit report, you must know this before applying, and you can use that information to inform your choice of lenders.

Alongside credit reporting, what do you need to remortgage includes full details of your circumstances and finances, including:

  • Payslips and bank statements
  • Proof of ID and address
  • Three months of utility bills
  • A contract of employment or two to three years of self-employed accounts or tax returns

Do I need a mortgage broker to remortgage? If there are any complexities, such as a non-standard income, it's worth working with an independent broker to check how to remortgage for home improvements or to release equity and which lenders are most likely to offer approval.

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about your mortgage

Based on your yearly income,
you may be able to borrow

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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Do I Need a Mortgage Broker to Remortgage at a Higher Value?

If you’re remortgaging to release equity or want to know can you remortgage to pay off help to buy, the next task is to check the value of your property and request a current mortgage statement from your provider.

Lenders won't solely look at your income, although they tend to offer maximum remortgage values of between 3.5 and five times your annual earnings. However, they will also consider the market value of your property, so what do I need to remortgage may depend on the reasons for refinancing.

As well as proof of income, you need to understand what is my LTV remortgage application value and whether you have sufficient equity to refinance and raise the capital you are looking for. Likewise, if you’re determining should you remortgage now and are simply looking for a remortgage of the same value, but at a lower interest rate, it’s worth considering – do I need a mortgage broker to remortgage on the most advantageous terms.

Do I Need a Mortgage Broker to Remortgage My House at a Certain Time?

Our next consideration is timing and how long before your mortgage ends can you remortgage. Most homeowners apply up to six months before a fixed term ends to give themselves plenty of time to compare the options.

If you are locked into a fixed term, should you remortgage now may be a different scenario, where exiting the agreement means you will be exposed to lender early settlement fees.

Leaving your remortgage late can also be costly because you’ll switch onto the lender’s SVR, normally the highest interest rate. What do I need to remortgage on the right day? Simply apply for remortgage approval and schedule the completion for the next working day after your fixed contract ends.

When can I remortgage my house with the same lender? If you’re remortgaging through the same lender, the process is called a product transfer, and the lender can set the remortgage to initiate on the correct day.

Do I Need a Mortgage Broker to Remortgage if I am Self-Employed?

Self-employed remortgage applicants may need to consider should you remortgage now or wait until you have accumulated two or three years of trading accounts and tax returns. Lenders may require additional evidence of earnings since self-employed workers have variable incomes.

What is remortgage means for self-employed homeowners? You may need to direct your application to a lender specialising in self-employed remortgages, as not all banks and high street lenders will accept applications.

What Do You Need to Remortgage Financially?

If you’re looking into what do I need to remortgage, you'll be able to spend some time strengthening your application and improving your credit score by repaying as much debt as possible, avoiding the use of your overdraft, and postponing any large expenditure.

Do I need a mortgage broker to remortgage to pay off help to buy and other debts? We can certainly assist - the maximum you can borrow depends on your property valuation, eligibility and the proportion of equity you own.

What Do I Need to Remortgage in Terms of Paperwork?

Having all of your documentation to hand makes approval easier for the remortgage lender and reduces the potential for delays, queries or remortgage refusal.

If you’re interested in how to remortgage for home improvements, the lender will need to see the following:

  • Three months of bank statements and payslips.
  • Two to three years of accounts or tax returns if you are self-employed.
  • Proof of any non-standard income, such as regular overtime, bonuses or commissions.
  • P60 tax form showing total earnings and tax paid per year.
  • ID documents and proof of your address.

Do I need a mortgage broker to remortgage if I am self-employed? You may do, yes, particularly if you have a short trading history or otherwise find it difficult to prove eligibility for your preferred product.

Researching what do I need to remortgage can speed up approval, make it more straightforward for the lender to assess your eligibility, and improve your remortgaging prospects and opportunities to negotiate favourable interest rates.

For more information about how long before your mortgage ends can you remortgage, or what do you need to remortgage, please get in touch at any time.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked
Questions

Lenders will need to understand your finances before making a remortgage offer. You need to have proof of identity, income, your property value and current mortgage to proceed with a remortgage application, along with any other details requested by the lender.

LTV stands for Loan to Value, a ratio which looks at how much you own compared to how much you owe. For example, if you have a property worth £200,000 and want to remortgage an existing balance of £100,000, that is an LTV of 50%.

Do I need a mortgage broker to remortgage at a higher LTV? We’d advise working with a broker if any of your requirements are non-standard or fall outside of the typical lending criteria.

Remortgage applicants with lower LTVs normally achieve more competitive interest rates because a lower amount of debt compared to the property value reduces the perceived risk.

Remortgage means you repay your current mortgage through a new product or provider, and the new mortgage takes over on the completion date. Do I need a mortgage broker to remortgage? A broker isn’t a necessity, but can be useful, not least by ensuring you compare the most favourable products on the remortgage market.

The process works in stages, beginning with an initial application and agreement in principle. From there, the lender usually asks for the property to be independently valued. The next step is to submit a full application, which undergoes evaluation by the lender’s underwriters to verify whether you meet their application criteria.

If approved, you receive a formal remortgage offer and generally have up to six months to decide whether to proceed.

You can remortgage whenever you like, but most homeowners will avoid remortgaging while they’re in a fixed-term agreement. Early settlement fees or exit penalties are charged when a borrower cancels the mortgage agreement before the agreed date, making remortgaging very expensive.

Yes, remortgaging to consolidate debts or pay off other borrowing is a common reason, particularly because mortgage interest rates tend to be lower than for more short-term debt such as credit cards or personal loans. Do I need a mortgage broker to remortgage Help to Buy debt with bad credit? As an independent broker we can help remortgage applicants who have been turned down elsewhere to find a good offer – often working with specialist bad credit lenders.

Lenders can agree to a remortgage up to around six months in advance, so you can sit on the offer until you're ready to move or until the property has appreciated.

While you can remortgage before a fixed-term deal ends, you may attract early repayment fees, which might mean waiting is a better option. However, if you are in a mortgage outside of a fixed term, you can usually remortgage at your convenience without incurring extra charges.

If you have built up equity in your property, you can increase the value of your mortgage borrowing and use the capital raised to pay for improvements and renovations, such as constructing a new extension or redecorating your home.

The application process is the same, although lenders might ask for evidence of planning permission or project costings if you’re remortgaging for major work to the property that could influence its future market value.

Timing can be important, and if you're in any doubt about whether now is the right period to apply for a remortgage or how to align your application to avoid triggering exit fees or ending up on the lender's SVR, please get in touch. Do I need a mortgage broker to remortgage quickly? A broker can help expedite the process by liaising with your lender and progressing the agreement.

The primary things you need to remortgage include paperwork evidencing your income, current mortgage and other debts, records about the property itself and any surveys, valuations or relevant documentation that the lender will need to see before they can approve your application.

We’re often asked, do I need a mortgage broker to remortgage – and the answer is no, not necessarily. If you’re happy the offered terms are advantageous, there is no obligation to hire a broker. However, the question of do I need a mortgage broker to remortgage to ensure I have negotiated with the lender is very different! An independent broker works as your advocate and representative to consider products, liaise with the lenders, and ensure you get the best possible deal.

While the decision of do I need a mortgage broker to remortgage for a standard mortgage is individualised, we’d always recommend seeking expert support if you have adverse credit and don’t want to pay more than necessary for your mortgage.

In short, yes – our response to any client asking do I need a mortgage broker to remortgage and ensure I pay no more than necessary is definitive. Homeowners who apply for remortgages directly almost always miss out on more competitive deals, or don’t recognise the opportunity to negotiate and achieve better interest rates and product charges.

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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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