Date: 5 September 2023
You may be wondering how long does a remortgage take and think that it is too early to start looking at your options but here at MDJ Mortgages we like to start the process as early as 7 months prior to your current mortgage deal ending. This is to ensure that we capture the best deal for you, your circumstances and your needs!
Up to 7 months before your current deal expires, we will meet with you to discuss your requirements for your new mortgage deal, find out if there has been any changes to your circumstances, start to collect the required paperwork such as your credit report and find out your affordability and likely monthly repayments.
By looking at details like your credit report months before you need to remortgage means we have time to make changes and improve it where neccessary i.e., what does the credit report say? Can you make any improvements to your score? Can you clear your overdraft or pay off any small debts?
6 months prior to your current mortgage deal ending we will look at all the mortgage products available and apply for the best deal to suit your needs. With so much economic uncertainty around it makes complete sense to lock in a new mortgage interest rate, if you can, as early as possible. If rates go up, you can rest easy as you have a mortgage to fall back on. You have no obligation to take this mortgage offer so if rates do decrease, we can look at new options and submit a completely new application if needed.
We will continue to check the market to ensure that we still have the best deal for you. The closer you get to your current mortgage deal ending, more options become available from different lenders including the option to stay where you are and transfer the product, we will talk to you through all the different options and help you decide on the best mortgage deal for you.
We will do a final check on the mortgage rates and actively search the whole of the market to ensure that we still have the best mortgage deal. We will make any necessary adjustments and submit the final mortgage application.
Part of our responsibility is to make sure you remortgage in time to avoid going on to the standard variable rate where possible. We will chase and speak to your solicitor to make sure everything is on the right track to complete at the earliest opportunity taking the stress away from you.
*You may have to pay an early repayment charge to your existing lender if you remortgage
*Your home may be repossessed if you do not keep up repayments on your mortgage.
To start planning your remortgage and ensure you get the best deal, speak to us today and we will help guide you through the whole process! Simply pick a time in my diary that suits you.
Take our FREE quick and simple Questionnaire to find out how much you can borrow. Answer 10 questions and we will send you a FREE personalised affordability assessment. All we need is your name and email address!
Take our FREE quick and simple Questionnaire to find out how much your monthly repayments are likely to be. Answer 10 questions, along with your name and email address and we will send you your FREE personalised mortgage repayment assessment.
We understand that the process of Remortgaging can be daunting and the choice of products overwhelming, this is why we have produced this FREE handy guide to remortgage to help you every step of the way. Simply leave your name and email address to download your FREE copy!
Click here
Click here
Click here
