Get all your information together, in today’s mortgage market, banks require proof of everything! So things like payslips and bank statements will be required, make sure you have a latest payslip and a recent bank statement to hand for your broker when you go through the initial remortgage consultation.
Know the property market! Don’t get caught out either over or under valuing your property when you come to remortgaging it. Worst case is that you under value it, you could end up missing out on a lower rate!
Check out your banks existing deals! Your bank or building society probably doesn’t want to lose you as a customer. Many offer preferential rates for remortgage customers. But don’t be fooled! There may be a better rate to remortgage to with another bank. So let your broker know if you have a deal lined up!
Plan ahead! If you are planning a holiday or have outstanding credit card balances it may be worthwhile releasing some equity to clear them. With mortgage rates at some of their lowest in years. Now may be a good time to release some money on your next remortgage.
Warts and all! Don’t be put off by those minor credit file blemishes. Many people have missed credit card payments or been slightly late paying their mortgage, it happens! There are lenders out there who aren’t going to penalise you for it. Check with your broker when you’re remortgaging and make sure he knows the real situation.
Give your the Broker the information they require! Don’t forget to let your Broker know if you have other properties in you're portfolio. It may not seem important to you but banks like to know the full picture. Chances are they won’t make any difference to the bank, but they like to know!
Don’t get fooled by an excitingly low mortgage rate! They often attract high arrangement and valuation fees that could cost your more than a slightly higher rate product. Let your broker do the research, they want to find you the best deal!
Don’t rush! An average remortgage takes three months from consultation to completion. So give your broker time to work. Trying to rush through a remortgage a few weeks before the rate ends just won't work. Worst case you’ll end up paying more than you need to!
Listen to your broker! They process hundreds of mortgages a year and they know what to do, take some advice from them and hear what they have to say. They may just find you something better than you thought you could get!
Use your broker wisely! All of the advisers and brokers at Advice Hunters deal with both mortgages and insurances. So why not get all your insurance policies reviewed free of charge. It’s a free service that could help protect you and your family should the worst happen. Everyone insures their car, why shouldn’t we insure our lives and health!