Remortgage Checklist

Before You Start: Information to Gather

Before you even begin comparing deals, make sure you have the following information to hand:

• Current mortgage statement — showing your outstanding balance, current interest rate, and monthly payment
• Mortgage deal details — the type of deal (fixed, tracker, SVR), the deal end date, and any early repayment charges
• Property value estimate — use recent sold prices of comparable properties or online valuation tools to get a rough figure
• Your loan-to-value ratio — divide your outstanding balance by your property value and multiply by 100
• Your credit report — check for errors or issues that could affect your application. You can access your credit report for free through services like Experian, Equifax, or TransUnion

Having this information ready means you can make informed decisions about whether to remortgage and which deals to target.

Documents You Will Need

Lenders require a range of documents to process your remortgage application. Gathering these in advance is one of the best things you can do to speed up the process. Here is the standard documentation checklist:

Identity and address:

• Valid passport or driving licence
• Utility bill or bank statement dated within the last three months (as proof of address)

Income evidence (employed):

• Last three months' payslips
• Latest P60
• Latest bank statements (usually three months) showing salary deposits

Income evidence (self-employed):

• Last two to three years' SA302 tax calculations
• Corresponding tax year overviews from HMRC
• Last two to three years' certified accounts or tax returns
• Business bank statements (if required)

Property and mortgage:

• Current mortgage statement
• Details of any other secured loans or charges on the property
• Lease details (if the property is leasehold)

Other financial commitments:

• Details of any loans, credit cards, hire purchase agreements, or other debts
• Evidence of any regular financial commitments (childcare, maintenance payments, etc.)

Your Pre-Application Checklist

Before you submit your application, tick off these important tasks:

• Check your credit report — Look for errors and dispute any inaccuracies. Make sure you are on the electoral roll at your current address, as this helps with identity verification.
• Calculate your LTV — Knowing your LTV helps you understand which rate bands you fall into and whether it is worth taking steps to reduce it (such as making an overpayment).
• Check for early repayment charges — If you are still within a deal period, calculate whether the ERC wipes out the potential savings from switching.
• Decide on your priorities — Do you want the lowest possible rate? The most flexibility? A shorter or longer term? Knowing what matters most to you helps narrow down the options.
• Compare the total cost, not just the rate — Factor in arrangement fees, legal fees, valuation fees, and any cashback when comparing deals.
• Check what your current lender offers — A product transfer might be the simplest option, and some lenders offer competitive retention deals to keep your business.
• Consider getting professional advice — A mortgage broker can save you time and potentially money by finding the most suitable deal for your circumstances.

During the Application: Staying on Track

Once your application is submitted, keep these points in mind to ensure things progress smoothly:

• Respond to requests promptly — If the lender, solicitor, or broker asks for additional information or documents, provide them as quickly as possible. Delays at your end translate directly into delays in the overall process.
• Do not make major financial changes — Avoid taking on new debt, changing jobs, or making large unusual transactions during the application process. These can trigger additional underwriting checks or even jeopardise your application.
• Keep your phone and email accessible — Your broker, solicitor, or lender may need to contact you during working hours. Make sure they have up-to-date contact details.
• Chase progress regularly — Do not be afraid to check in with your broker or solicitor every week or two for an update. Sometimes a gentle prompt can move things along.
• Prepare for the valuation — If a physical valuation is required, make sure the property is accessible on the agreed date. While you do not need to deep clean, the property should be reasonably presented and the surveyor needs access to all rooms.

After Receiving Your Mortgage Offer

When you receive your mortgage offer, do not just file it away — review it carefully:

• Check the interest rate and monthly payment match what you were quoted
• Verify the loan amount is correct
• Review any special conditions the lender has attached to the offer
• Note the offer expiry date — you need to complete before this date
• Confirm the deal period and when it expires
• Check for any conditions that need to be met before completion

If anything looks incorrect or if you have questions, raise them with your broker or lender immediately. Do not wait until completion day to query something.

Completion and Post-Completion Checklist

As completion approaches, and after it takes place, make sure you:

Before completion:

• Confirm the completion date with your solicitor
• Check that your new direct debit is set up (if switching lenders)
• Ensure you understand when your first payment will be taken

After completion:

• Confirm that your old mortgage has been redeemed (your solicitor should provide confirmation)
• Verify that your new mortgage payments are being collected correctly
• Update your home insurance if required by the new lender
• Store your mortgage offer and all related documents safely
• Set a reminder for six months before your new deal expires to start the process again
• Consider overpayment options — many mortgages allow you to overpay by up to 10% per year without penalty, which can reduce your balance and improve your LTV for next time

By following this checklist from start to finish, you can ensure that your remortgage process is as smooth, efficient, and cost-effective as possible.