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    • xyz123
    • By xyz123 14th Oct 16, 8:25 AM
    • 1,335Posts
    • 332Thanks
    xyz123
    Remortgage- what documents and timing
    • #1
    • 14th Oct 16, 8:25 AM
    Remortgage- what documents and timing 14th Oct 16 at 8:25 AM
    Hi
    We will be looking to remortgage in 5 months time when current fixed deal expired. Will be looking to borrow around £170,000 on joint income of about £90,000 (both permanent employees and no free Lancing).

    Can someone please advise in general what documents are needed by companies. I know every case and lander is different but am just trying to get some understanding so we can be ready. Other than 3 months bank statement and 3 months pay slips what particular documents are needed . E. G. Previous years mortgage statements/ saving account statements needed?

    How long before the current deal expires we should start actively looking? I know specific products change from landers but normally is there say a month between product being accepted on and actually used (just want to move to another product as soon as early repayment charges on current mortgage finish).
    Ta
Page 1
    • kingstreet
    • By kingstreet 14th Oct 16, 9:25 AM
    • 30,037 Posts
    • 15,965 Thanks
    kingstreet
    • #2
    • 14th Oct 16, 9:25 AM
    • #2
    • 14th Oct 16, 9:25 AM
    Investigate customer retention products from existing lender first. These may be available without affordability or status checks.

    A remortgage is like any other new mortgage application. Typically, you'll need ID, PoA, latest mortgage statement, three months payslips, latest P60s and three months bank statements.

    A remortgage will take four to six weeks as a solicitor is employed by the lender (usually at its cost - check) to action the repayment of the existing mortgage, the release of the old charge and the placement of the new one.

    Four to three months is optimum time to start planning.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • xyz123
    • By xyz123 14th Oct 16, 12:37 PM
    • 1,335 Posts
    • 332 Thanks
    xyz123
    • #3
    • 14th Oct 16, 12:37 PM
    • #3
    • 14th Oct 16, 12:37 PM
    Investigate customer retention products from existing lender first. These may be available without affordability or status checks.

    A remortgage is like any other new mortgage application. Typically, you'll need ID, PoA, latest mortgage statement, three months payslips, latest P60s and three months bank statements.

    A remortgage will take four to six weeks as a solicitor is employed by the lender (usually at its cost - check) to action the repayment of the existing mortgage, the release of the old charge and the placement of the new one.

    Four to three months is optimum time to start planning.
    Originally posted by kingstreet
    Many Thanks.

    What is POA? Is it detailed incoming and outgoing expenses summary. If so, is there a standard format for it?
    • kingstreet
    • By kingstreet 14th Oct 16, 1:48 PM
    • 30,037 Posts
    • 15,965 Thanks
    kingstreet
    • #4
    • 14th Oct 16, 1:48 PM
    • #4
    • 14th Oct 16, 1:48 PM
    Proof of address.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • xyz123
    • By xyz123 14th Oct 16, 3:07 PM
    • 1,335 Posts
    • 332 Thanks
    xyz123
    • #5
    • 14th Oct 16, 3:07 PM
    • #5
    • 14th Oct 16, 3:07 PM
    Proof of address.
    Originally posted by kingstreet
    Thanks you. I am looking to change my provider as am looking for a hit more flexibility with overpayments so will go though affordability checks. For these checks do we need to prepare anything in specific format like list of incomings/outgoings or is the bank statements sufficient? Last tim we mortgaged it was 5 years ago and no detailed checks were done. I did application myself as it was a quiet clean and straightforward case so asking few questions to prepare for next year. Ta.
    • SavingSteve
    • By SavingSteve 14th Oct 16, 4:25 PM
    • 476 Posts
    • 205 Thanks
    SavingSteve
    • #6
    • 14th Oct 16, 4:25 PM
    • #6
    • 14th Oct 16, 4:25 PM
    Try an online affordability calculator with a high street lender. Will give you an idea as to what they'll want.
    • kingstreet
    • By kingstreet 14th Oct 16, 7:24 PM
    • 30,037 Posts
    • 15,965 Thanks
    kingstreet
    • #7
    • 14th Oct 16, 7:24 PM
    • #7
    • 14th Oct 16, 7:24 PM
    Thanks you. I am looking to change my provider as am looking for a hit more flexibility with overpayments so will go though affordability checks. For these checks do we need to prepare anything in specific format like list of incomings/outgoings or is the bank statements sufficient? Last tim we mortgaged it was 5 years ago and no detailed checks were done. I did application myself as it was a quiet clean and straightforward case so asking few questions to prepare for next year. Ta.
    Originally posted by xyz123
    You've got what a broker will need.

    Anything else he can go over with you on the day.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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