How do remortgages typically work?

grifferz

Hello,

We're coming to the end of our first mortgage foxed period—a 2 year fix—so this will be the first ever time that we have remortgaged. What's the experience like compared to the initial application?

Our mortgage was not huge and we had 49% deposit so it wasn't too traumatic to obtain, but it was quite long-winded. I'm self-employed and a significant portion of my partner's income is overtime so we had to produce a lot of documentation to prove our salaries. Several years of accounts from my business and letters from my accountant, on top of all the usual stuff.

Is it going to be like that at remortgage or is it simpler? I am kind of hoping that given we already qualified and have been making (over)payments for 2 years that it would be more of a rubber stamp "Has anything changed? No? Here's our standard offers then" type affair.

Is it any simpler to stay with our current provider or is it always the same no matter who you remortgage with?

I've been using this mortgage calculator spreadsheet to compare offers:

https://forums.moneysavingexpert.com/discussion/1157173

It's a great piece of work! Very handy to see whether those offers with the lower headline rate but up front fees are actually worth it or not.

I'd be interested to hear your experiences.

Thanks!

amnblog

Your current lender will offer you some product options going forward and you can usually select one of those without any underwriting.


If the better options are with a new lender, the full case needs to be underwritten again - although the valuation and legal costs are often covered by the new lender.