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Remortgaging step-by-step timeline

Welcome to our step-by-step guide to the remortgaging process. Whether you're looking to secure a better rate, release capital or simply switch to a new mortgage deal, remortgaging can feel like a big step. That's why we're here to make the process as straightforward as possible.

From your initial enquiry through to completing your new mortgage, we'll explain what happens at each stage, what you can expect, and how we'll support you along the way. Our aim is to help you feel informed, prepared and confident throughout the process, making your remortgage journey as smooth and stress-free as possible.

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Initial remortgage enquiry


The first stage is to get in touch with our Nottingham-based team at James Leighton Financial Services and talk to one of our friendly team. You’ll have an initial discussion that will cover your current mortgage, lender and deal expiry. Crucially, you’ll also get to discuss your homeowner goals, whether they are to reduce payments, fix a rate or raise funds. We’ll also gather basic information about your income, property value and mortgage balance, as well as your financial details, including any debts or other financial commitments. With this information, we’ll be able to assess whether you are ready to proceed. For us, the key is to gain a good overview of your goals and circumstances so we can customise our services to meet your aims. It’s all about understanding your specific situation so we can apply our expertise. For instance, some clients may have complex income issues.

Fact find and financial assessment

After the initial discussion, we will carry out a detailed financial review of your finances. By examining your income and expenditure, we will be able to calculate mortgage affordability and borrowing capacity.

Reviewing your finances

As part of the evaluation process, we will look at your income, employment and financial commitments. We will also review your mortgage balance and property value. This will enable us to calculate potential savings and equity available. From these calculations, we can establish a realistic borrowing or refinancing range. 

Determining eligibility

Once we have all this information, it’s possible to pick out the most appropriate products and lenders according to affordability and eligibility criteria.

James Leighton Financial Services has a fee-free model and works with a wide variety of lenders. This means we can identify appropriate lenders with eligibility criteria that suit your particular situation. 

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Gathering documentation

We’ll need a few documents from you to enable your adviser to assess your circumstances. These are:

  • Payslips and bank statements to prove salary and check expenditure. These won’t be required if you are completing a product transfer with your current lender
  • Current mortgage balance
  • Proof of ID and address
  • Any other documents required by the lender

What happens next

Armed with your information, your mortgage broker will be able to start selecting the most appropriate lender and product. Once you’ve decided which option is foremost suited to you, your broker will then submit a full application to the lender and your Case Management team will then liaise with the lender as necessary.  

You may be required to send additional documents, for example, SA302 tax calculations, if you are self-employed. 

Valuation and underwriting

Your mortgage application has been submitted. What happens next? If you are switching to a new lender, they will arrange a property valuation to confirm that the property value supports the loan. This may or may not include a physical inspection of the property. A valuation is not required if you are staying with your current lender and choosing a new product with them. Meanwhile, the underwriter reviews the application and documents.

Your mortgage offer

Finally! Your lender formally approves the remortgage. The offer will include:

  • The loan amount
  • Interest rate and term
  • Mortgage conditions

The offer is sent to you, your mortgage broker and your solicitor (if one is required), usually by email, but sometimes by post.

Legal work, mortgage switch and completion

If your new mortgage is not with your current lender, it’s now time for your solicitor to manage the legal process. This means paying off your old mortgage, registering the new lender’s charge and updating the Land Registry. For those taking a new product from their current lender, there is no legal work involved and the mortgage is simply transferred from one product to another.

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FAQs

Why should I remortgage?

People tend to remortgage when their current mortgage is coming to an end. To avoid automatically moving on to a standard variable rate (SVR) mortgage, which could be more expensive, clients look around for a better deal. People also remortgage to lock in better interest rates, borrow extra money to improve their homes, take out some equity or switch between variable and fixed rates based on market conditions. Any big change in your finances or mortgage needs might make you think about remortgaging.

How much could I save by remortgaging?

The amount you could save by remortgaging depends on your current mortgage, the interest rates available to you and your individual circumstances. An online remortgage calculator is a good place to start, as it can give you an estimate based on details such as your outstanding mortgage balance, property value and current interest rate.

For a more accurate idea of your potential savings, it's worth speaking to a mortgage adviser. They can compare deals across the market, take any fees or early repayment charges into account and help you work out whether remortgaging is the right option for you.

When should I start the process?

It's best not to leave it until the last minute. We recommend starting the remortgaging process around six to seven months before your current mortgage deal ends. This allows you to secure a new rate early on and gives the team plenty of time to explore your options, compare mortgage products and complete your application. Mortgage offers are usually valid for six months and, should rates drop between the offer and completion, you can easily switch to the lower rate without penalty.

Starting early can also help you secure a new deal before moving onto your lender's SVR, which is often higher than fixed or tracker mortgage rates.

Can I remortgage before my deal ends?

Yes, it's possible to remortgage before your current mortgage deal ends. However, if you leave your existing deal early, your lender may charge an early repayment charge (ERC), as well as other fees.

In some cases, the savings from switching to a lower interest rate can outweigh these costs, but every situation is different. It's worth checking the terms of your current mortgage and comparing the overall costs before making a decision. A mortgage adviser can help you work out whether remortgaging early is the right option for you.

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