What do I need to remortgage?

In this brief guide, we are going to answer the question “what do I need to remortgage”

Getting a remortgage usually requires some level of planning if not you risk getting rejected for a remortgage. Some people will prefer to use a remortgage broker and hence relieve themselves of any stress or misstep that may come along the way.

If you intend to make a remortgage application on your own then knowing exactly what you need will be very beneficial but even if you intend to use a remortgage broker, knowing what you need and preparing for this in advance will make the process even faster. You may also find some very good remortgage deals by planning this ahead.

What do I need to remortgage?

To get a remortgage you will need:

Your current mortgage details

Your credit report

A remortgage deposit and proof of remortgage deposit funds

A stable and reliable income

Your identification, income and tax documents

Your conveyancer

Your current mortgage details

To get a remortgage you will need to have your current mortgage details on hand so the new mortgage lender can access your current mortgage situation and decide if they want to lend to you or not.

You may need:

A mortgage statement

A mortgage redemption statement

Your key facts illustration for your mortgage- which will specify details such as if there are any

on your mortgage and under what terms. It will also state what the interest rate on your mortgage is.

If you are remortgaging with the same mortgage lender then you won’t need to provide this information as the mortgage lender will already have access to it.

Your credit report

To get a remortgage you will usually need to know what your credit score is and what your credit report looks like. 

You don’t necessarily need to have this ready as most remortgage lenders will pull this information automatically once you have submitted a remortgage application to them.

Checking your credit score and report will let you know what sort of remortgages you may be looking at and if you need a specialist remortgage broker such as a bad credit remortgage broker to assist you in getting a remortgage.

If you are unsure of what your credit score is then you should check your credit score from the four credit bureaus in the UK: Experian, Crediva, Equifax and Transunion.

Some of these credit bureaus may charge you a fee to view your credit report so what you can alternatively do is request a statutory credit report which is a free credit report which each credit bureau must provide to you upon you requesting it.

Alternatively, you can also use credit score services such as Checkmyfile and clearscore to check your credit report.

Once you have obtained your credit score and history you can then decide if you need a bad credit remortgage broker in getting a remortgage or if you need to take several steps to build your credit score before getting a remortgage.

You do not necessarily need a good credit score and history to get a remortgage but a better credit score and history could save you a substantial amount in remortgage interest repayments.

If your credit score is low you can take the below steps to build your credit score before applying for a remortgage:

Do not make too many credit applications within 3 months

Get on the electoral roll

Keep your credit accounts open for as long as possible

Keep your credit utilization below 30%

Avoid missing any credit repayments

Avoid being late for any credit repayments

Get a credit builder card or loan to show good credit repayment behaviour

A remortgage deposit and proof of remortgage deposit funds

If you plan to buy more equity in your home when remortgaging then you will need proof of where this remortgage deposit or additional funds are coming from.

You can fund your remortgage deposit through:

Borrowing from your family: in this case, you may need a gifted deposit letter

Your savings

Or the sale of another property

Regardless of which way you fund your remortgage deposit, you will need to have proof of the remortgage funds and proof of where they have come from.

If you are funding the remortgage deposit from your savings, you will simply need to show proof of income from your employment or proof of return from investments.

If your remortgage deposit is being funded from your parents or family then you will need a gifted deposit letter (most remortgage lenders have their own standard template for a gifted deposit letter).

Your family members may also need to produce their banking statements showing where they have obtained the funds from.

A stable and reliable income

To get a remortgage you will need to have a stable and reliable income in order to prove to the remortgage lender that you will be able to make the monthly remortgage repayments for the duration of the remortgage term.

Most remortgage lenders will simply require your bank statements for the past 3 months to see regular income payments from your employer.

If you are self-employed then you may need to have your self-employed accounts for the past 3 years but some remortgage lenders may require a minimum of 12 months.

To get a remortgage as a self-employed borrower may also appear much harder and hence a self-employed remortgage broker may help you in this regard.

The mortgage lender will also look at your current debts.

If you have too much debt or if you are beginning to miss monthly credit repayments then this could be a red flag for the lender.

Your identification, income and tax documents

To get a remortgage you will need your identification, income and tax documents.

For your identification you will need:

Your passport or driving license 

A utility bill no older than 3 months old

For your income you will need:

Your bank statement for the past 3 months and any proof of remortgage deposit

You may need your payslips for the past 3 months

Your p60

You SA302 if you are self-employed

Your conveyancer

To get a remortgage you will need a conveyancer who will handle the legal searches in relation to the property and assist with any transfer of funds. This is mostly the case when you are moving to a new mortgage lender.

The conveyancer or solicitor you choose will usually need to be on the remortgage lenders panel or approved by the remortgage lender before they can work on your remortgage.

This means you will need an approved conveyancer to get a remortgage.

FAQs what do I need to remortgage

What stops you getting a remortgage?

There are a few things which may stop you from getting a remortgage, they include:

Mismatch of information on your remortgage application and your supporting documents
Errors on your remortgage application
Too much debt
A bad credit score or no credit history
Not enough equity in your property
A non-standard construction property
Unreliable income

Do I need a solicitor to remortgage?

If you are remortgaging with your current lender then you won’t usually need a solicitor to do a remortgage as this is considered a product transfer and involves little to no legal work. If you are moving to a new mortgage lender then you may need a solicitor to assist with the remortgage.   

Many mortgage lenders now offer cashback or no legal fee deals when you remortgage with them.

Does it cost to remortgage?

There may be some costs to remortgage such as the legal fees and the administrative fees but usually, mortgage lenders offer legal fee discounts and other discounts in order to generate business.

Some mortgage lenders will appoint the solicitor and cover the cost for this themselves.

Use a remortgage calculator to see if you can get a remortgage

A remortgage calculator will allow you to see what your monthly remortgage repayments may look like but they should be used simply as guidance as they are not an accurate reflection of your remortgage affordability.

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Repayment type
First-time buyers are unlikely to be able to secure an interest only mortgage
Property value
Deposit amount
Mortage Term
Min 10
Max 40
Initial interest rate
Choose an example below, or enter a rate if you already know it
2-years fixed
3-years fixed
5-years fixed
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You may need a remortgage broker to get a remortgage

You may want to consider using an independent remortgage broker to get a remortgage.

remortgage brokers are important as they can access remortgage products from across the whole of the market in some cases. This could be over 11,000 remortgage products. This may have some advantages than going directly to a remortgage lender.

A remortgage broker will look to understand your financial circumstances and then provide recommendations on which remortgage products may be suitable for you.

After giving you these remortgage recommendations, most remortgage brokers will seek your consent to apply for a remortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full remortgage application. 

Once you have found a home you want to buy or are satisfied with the remortgage offer for your remortgage then the remortgage broker will then look to get you a remortgage offer.

This will come with a key facts illustration document which details out the features of your remortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your remortgage with the help of a conveyancer. Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of remortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we are going to answer the question “what do I need to remortgage”. If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.