When it comes to time to re mortgage a house, it’s important to make informed decisions to avoid costly re mortgage mistakes. These are the most common mistakes when you re mortgage a house:
Failing to review credit and finances: Lenders assess your credit worthiness when approving a re mortgage. It is important to review your credit report, address any errors, and improve your credit score if necessary before applying for a new mortgage. Additionally, ensure your finances are in order and your debt-to-income ratio is manageable. You can download your credit report here.
Not Starting the process early enough: We recommend starting the re mortgage process 7 months before the end of your fixed rate deal to ensure that you get the best possible mortgage, whatever your circumstances. Read more about how long a re mortgage takes here.
*Your home may be repossessed if you do not keep up repayments on your mortgage.
*You may have to pay an early repayment charge to your existing lender if you remortgage.
Take the next step towards optimising your mortgage. Our experienced advisors are here to help you make the most of your remortgage options. Schedule a personalised consultation with us today to get expert guidance tailored to your financial goals.