Remortgaging your property can be an excellent financial move, whether you’re looking for a better rate, releasing equity, or reducing your mortgage term. At Equinox, we aim to make the process as smooth and straightforward as possible, guiding you through each step so you can feel confident about your decisions and your finances.
Step 1: Review Your Current Mortgage
The first step in the remortgage process is understanding your current mortgage situation. Together, we’ll look at your existing rate, term, outstanding balance, and any fees for early repayment, such as early repayment charges (ERCs). This review helps us understand the financial impact of switching and whether a remortgage is the right choice.
Step 2: Assess Your Financial Goals
Are you looking to save money on monthly repayments, pay off your mortgage sooner, or release equity for other expenses? Your goals will guide our search for the most suitable remortgage products. A whole-of-market broker Josh has access to a wide range of lenders and products, enabling him to find the best match for your specific objectives, whether that’s reducing costs, freeing up cash, or gaining more financial flexibility.
Step 3: Check Eligibility and Affordability
Just like a first-time mortgage application, remortgaging involves meeting lender criteria for affordability and eligibility. We’ll assess your income, outgoings, credit history, and other factors that might affect your borrowing capacity. If any areas of concern are identified, such as credit issues or specific income requirements, we’ll help you address these before submitting your application.
Step 4: Search for the Best Deal
Once we’ve established what you need and ensured your eligibility, we’ll get to work finding the best remortgage product. Whether you're looking for a low fixed rate or a lender with flexible overpayment options, we’ll leverage our whole-of-market access to find competitive options. With lenders allowing rates to be locked in months in advance, we’ll also look at timing options to help you secure an excellent deal before your current rate expires.
Step 5: Submit Your Application
With a product chosen, we’ll prepare your remortgage application and submit it to the lender. During this process, lenders may ask for documentation such as proof of income, ID, and details of any changes in your financial circumstances. We’ll make sure everything is in order and follow up as needed to keep your application moving smoothly.
Step 6: Property Valuation
Most lenders will require a valuation of your property to confirm its current market value. This valuation may be a simple desktop assessment or an in-person visit, depending on the lender. The valuation is typically arranged and paid for by the lender, so we’ll coordinate with them and keep you updated on any requirements.
Step 7: Mortgage Offer and Review
Once your application has been approved, the lender will issue a mortgage offer. We’ll go over the offer with you in detail, ensuring all terms align with your expectations and goals. This is your final chance to confirm everything is as you want before moving to completion.
Step 8: Legal Work and Completion
At this stage, your conveyancer (solicitor) will handle the legalities of transferring your mortgage. They’ll work with your current lender to pay off your existing mortgage and officially transition to the new mortgage agreement. Once this process is complete, your remortgage is finalised, and you’ll start making payments under the new terms.
Step 9: Enjoy the Benefits of Your Remortgage
With your remortgage complete, you’ll start reaping the benefits, whether that’s lower payments, a shorter term, or funds for new ventures. At Equinox, we’ll stay in touch to make sure you remain satisfied with your mortgage and assist with any future changes or reviews.
How Equinox Can Help
Throughout the entire remortgage process, we’re here to ensure everything goes smoothly and quickly. We’ll handle the details, answer your questions, and advocate for the best terms on your behalf.
If you're ready to explore your remortgage options, reach out to Equinox today—your new mortgage journey starts here!
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