Applying for a remortgage
You’ve discussed why and how to remortgage, now you need to apply to your lender for the mortgage you want. As with any application, your First Mortgage advisor will take you through the process step-by-step to ensure it’s a stress-free experience.
Completing a mortgage application
- Meeting 1 – get a decision in principle
At your first meeting your advisor will ask you about your personal circumstances and why you want to remortgage. They’ll ask about what sort of mortgage you’d like, what you are paying now and what deal you are moving to.
They’ll take you through a budget planner to look at what you earn, what you spend and your credit history. Using all this information, they’ll find the best deal based on your individual needs.
You’ll leave with a decision in principle – this is basically an assessment of what a lender is prepared to give you – so that you know what your options are.
- We look at the best option for you
Your advisor will continue to search the market for the most suitable mortgage deals for your needs after you have met up, and will send you recommendations.
- Meeting 2 – get a mortgage
Once you have decided on the best remortgage deal, you can come into the office and go through the application process with a First Mortgage advisor. You’ll need to bring several documents (link to section below) with you, a list of which will be sent to you well in advance of the meeting (in case you have to look through the entire attic for them…).
At the meeting itself, your advisor will take you through the application process step-by-step. As they have researched the lender and prepared for the meeting it should be a straightforward process and you’ll leave with a mortgage in place.
Preparing your documents – what you need to bring with you
After your first meeting with a First Mortgage advisor, you’ll be sent a letter detailing what you discussed. This is to ensure you are clear on everything and understand the ins and outs of the mortgage process.
You’ll also be sent a list of documents to bring with you to your second appointment, when the advisor will take you through the mortgage application process itself. These will include:
– proof of your income from the last three months (payslips or business accounts, bank statements and income tax accounts)
– proof of identity, such as a passport or driving licence
– proof of address, such as a recent utility bill
– bank statements from the last three months
Insuring your home and mortgage
As you remortgage, it is also a good opportunity to review the insurance you have in place to look after your home and income. Pretty much all lenders insist on buildings insurance, which will pay out enough to rebuild your house should it be destroyed by fire, flood or subsidence, and will address lesser claims. For a more detailed look at how you can protect your home and money, see our Insurance section.
Completing your mortgage
Once you have remortgaged and you have your new mortgage offer through, you can look forward to lower monthly payments. However, our service doesn’t stop there…
As a free, impartial mortgage advice service we see new deals come on the market every day. Once you have remortgaged, we’ll note down when your fixed rate deal is due to end, or a year has passed since your new rate kicked in. A few months before your deal with the lender ends, we’ll be in touch to help you review what your next step should be. This way, you aren’t automatically switched to your lender’s standard variable rate, which could cost you considerably more.
If you have any questions, even when you are not looking to change your mortgage, we are always happy to listen and advise.