Warrington Mortgage Centre are a team of local and experienced Independent Mortgage Advisors on hand to give you genuine and personalised advice for your remortgage.
Use our remortgage form to get a quote on how much you may be able to gain by remortgaging your home with us!
What is remortgaging?
In short, remortgaging is where switching your existing mortgage to a new deal, either with your existing lender or a different provider. You’re not moving house and the new mortgage is still secured against the same property.
The more equity you have and the lower your loan to value (LTV), the more competitive the rates you’ll qualify for.
There can be a large number of reasons for making the switch, including:
- To reduce the interest rate on your mortgage – one of the most common reasons
- To fix your monthly payments for a longer period of time
- Raising money to carry out home improvements
- Consolidate your personal debts
Taking a new interest rate could really save you money by taking advantage of a new offer. Another popular reason to remortgage is the option to consolidate all of your debts into one payment – however, be aware that as this means securing more debt against your home it may cost more in the long run, and it’s something you should seek advice on.
What documents will I need
for my remortgage application?
Lenders will want to verify the data used on your application before they can issue you a binding mortgage offer.
So to make sure the remortgage process is as stress free as possible, it makes sense to get everything you need to hand prior to applying for the mortgage
Your lender may want to see any or all of:
- Your last three months’ bank statements
- Your last three months’ payslips
- Proof of bonuses/commission
- Your latest P60 tax form, showing income and tax paid
- Your last three years’ accounts or tax returns (if self-employed)
- Proof of deposit (e.g. latest 3 months’ savings account statements)
- ID documents (usually a passport or driving licence)
- Proof of address (e.g. utility bills or credit card bills)
Speak to our Mortgages Advisors
Always be prepared when making any changes to your mortgage, so a good time to consider your options can be up to 6 months before your current deal ends.
This will give you enough time to plan your next steps, in good time, before your mortgage moves onto the Standard Variable Rate (SVR).
How long will it take to complete my
The length of time for the remortgage to complete, is typically quicker than if you were to buy a ne whom. Afterall, you are staying in the home and you are moving from one lender, to another.
Typically, from Application to securing your mortgage offer, the process is around 3 to 6 weeks.
Good to know!
If you have remortgaged with plenty of time to spare, the acting solicitor will arrange for your mortgage to complete on a specific date. This usually falls on the day that your existing introductory deal comes to an end with your current lender.
Your new mortgage will continue and you will receive confirmation rom both lenders that the remortgage has completed.
This process can be repeated each time until you have repaid your mortgage, in full.
Warrington Mortgage Centre is a Trading Style of Mortgage Centre (NW) Ltd.
Mortgage Centre (NW) Ltd is authorised and regulated by the Financial Conduct Authority – FRN 826982. Registered in England & Wales: 11614569.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.