What information do I need for my remortgage?

There are several things you need in order to remortgage. See below our remortgage checklist.

Existing Mortgage Details

You need to have several documents in place before you can consider applying for a remortgage. This includes your current mortgage details, including outstanding balance, term of your mortgage and the monthly repayments. We will also need to know of any early repayment charges that may be payable.

Income details

It is important to check affordability of a mortgage and this can be done done through looking at income proof. This can be provided via 3 months payslips or the last 2 years SA302s if you are self-employed. If you are to use any tax credits, pensions or other benefits we will need the latest years award letter for each.

Other debts and outgoings

In order to check whether a new mortgage will be affordable, ourselves and the lender will also need to know of any regular monthly outgoings you have. This can be evidenced by 3 months’ bank statements. It is important to be aware of any other debts, properties and additional mortgages you have and what you pay each month towards these. The lender will take all of this and more into account when deciding on the remortgage. They will undertake what is called the “mortgage affordability” test which in essence means looking the income and outgoings in detail plus changes that could happen – for example, to the interest rate (the stress test – are you able to repay the mortgage if the interest rates go up significantly).

Future circumstances

It is important that we are made aware of any future plans you may have included relocating, home improvements and anything that will affect your financial situation such as a change of job or any expected promotions. This will also be take into consideration when affordability calculation is being done.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.