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.
