Five tips to tackle remortgaging

A mortgage expert has revealed her top five tips to tackle the daunting prospect of remortgaging.

Fears have been raised about a financial timebomb - with more than 2.4 million deals ending in 2024 - as homeowners face a significant jump in their repayments.

Felicity Holloway, who heads mortgages at Moneybox Home-buying, has revealed how those affected can navigate their remortgage journey with greater confidence.

Preparation is key

Felicity said: "Just like when applying for a mortgage to buy a first home, homeowners needing to remortgage in the near future should make sure their financial records paint the best possible picture of their financial situation, to maximise chances of securing the best rate from a lender.

"Gather and review all supporting documentation in plenty of time including ID, wage slips, and bank statements, and triple-checking credit report details are up to date and accurate.

"Even though homeowners will have been making repayments on their mortgage for a number of years at this stage, a lot of factors can impact credit scores - it continues to play a big part in both your ability to remortgage and the rate you may get offered.

"For example, regular bills - including utilities or your phone bill - count towards credit scores, no matter how small. Make them all on time, and it will boost it up - but miss them, and it will fall."

Homeowners will also need to ask their current lender for a redemption statement - this shows the amount left to repay, and how much you’ll need to borrow.

It’ll also detail any early repayment charges or exit fees if homeowners are leaving their current deal early - so make sure these are factored into any decisions.

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