Find Best Remortgage Rates: Your 10-Step Checklist
- Adrian Collins
- 1 day ago
- 5 min read
Remortgaging doesn't have to be stressful. With the right preparation, it is a straightforward way to secure the best remortgage rates, save money, and enhance your financial future.
This essential checklist breaks down the remortgage process into simple, actionable steps. Whether you want to lower your monthly payments or release some equity, this guide covers everything you need to know for a successful application.
1. Know Your Current Mortgage Details
Before looking for a new deal, you need a clear picture of your current situation. Check your latest mortgage statement or banking app for:
Current Balance: The exact amount left to pay.
Remaining Term: How many years are left on the mortgage.
Current Interest Rate: What percentage you are currently paying.
Early Repayment Charges (ERCs): This is critical. Check if you will be charged a fee for leaving your current deal early. It is often cheaper to wait until your fixed rate ends.
2. Organise Your Income Documents
Lenders need proof that you can afford the new mortgage. Gather these documents early to speed up the process:
Payslips: Usually the last three months.
Bonus & Commission Info: Separate your basic salary from variable income (overtime/bonuses).
Self-Employed Accounts: If you work for yourself, you typically need your company accounts or tax calculations for the last two years.
3. List Your Debts and Expenses
Lenders assess "affordability," not just income. They look at your monthly commitments to see how much disposable income you have. Be ready to declare:
Credit card balances and monthly loan repayments.
Childcare costs and school fees.
Other properties you own and any mortgages secured on them.
4. Work with a Mortgage Broker to Secure the Best Remortgage Rates
Many homeowners assume the easiest route is to just click a button and stay with their current lender (a "Product Transfer"). However, the easiest option isn't always the best one. A reputable broker adds massive value by looking at the bigger picture:
Strategic Guidance: A broker won't just find you a rate; they will challenge your thought process to prevent expensive mistakes. For example, quickly clicking to secure a low 5-year fixed rate might seem smart today, but if you plan to move home in three years, the exit fees could cost you thousands.
The "Switch vs. Stay" Check: Your broker will compare the very best deal your current lender can offer against thousands of options from other lenders.
Calculated Savings: They will factor in fees, cashback, and interest rates to tell you mathematically if it is worth the effort of switching or if staying put is actually the better financial move.
Locking in Rates: Brokers can secure a rate up to six months in advance, protecting you from rate rises while you decide.
5. Consider Your Future Plans
Your life plans affect which mortgage product is best for you.
Moving House Soon? You will need a "portable" mortgage or , ideally, one with no exit fees at all, like a tracker mortgage.
Home Improvements: If you plan to renovate, you might want to borrow more (release equity) during the remortgage process.
Career Changes: If your income is about to drop (e.g., maternity leave or going freelance), tell your broker immediately.
6. Check Your Credit Score
Your credit score significantly impacts the interest rates you are offered. Before applying:
Download Your Credit Report (e.g. Experian, Equifax), an ongoing charge will apply.
Check for any errors and correct them.
Avoid taking out new loans or credit cards right before applying for a mortgage.
7. Remortgaging with Bad Credit
Can you remortgage if your credit score has dropped? Yes, but it requires specialist advice.
Be Honest: Declare any missed payments or CCJs upfront.
Specialist Lenders: High-street banks may say no, but specialist lenders cater specifically to this market.
Rates: Expect slightly higher interest rates, but remortgaging can still consolidate debt and eventually improve your score.
8. Energy Efficiency and "Green Mortgages"
Lenders are increasingly offering "Green Mortgages" which give cheaper rates to energy-efficient homes.
Check your property’s EPC (Energy Performance Certificate) rating.
If your home is rated A, B, or sometimes C, you may qualify for discounted interest rates or cashback.
9. Legal Work and Property Valuation
If you stay with your current lender (a Product Transfer), you usually don't need a solicitor or valuation. If your broker finds a better deal with a new lender:
Valuation: The new lender will value your home to ensure it covers the loan amount. This is often free.
Conveyancing: You will need a solicitor to handle the legal transfer. Many lenders offer "free legals" or cashback to cover this cost, making the switch affordable.
10. Review Your Insurances
Changing your mortgage is the perfect trigger to check your protection too.
Life Insurance: Does it cover the new mortgage amount or for the correct term?
Income Protection: If you couldn't work due to illness, could you pay the mortgage & essential bills?
Critical/Serious Illness Cover: What if a serious illness or injury stopped you from working? This cover provides a tax-free lump sum which can help with urgent treatment, care, or simply cover your mortgage and bills, allowing you to focus on your recovery.
Buildings Insurance: Ensure your policy is updated if your home's rebuild value has changed.
Real-Life Example: Flexibility for Movers
We recently helped clients whose fixed-rate deal was ending, but they planned to move within 12 months. They were worried about high variable rates but didn't want to be locked into a new 2-year fixed deal with exit fees. The Solution: We found a tracker mortgage with no setting up fees and, more importantly, no early repayment charges. This gave them a lower rate than the standard variable rate but allowed them to leave the mortgage penalty-free when they found their new home.
In Summary
Remortgaging is a financial health check that can save you thousands. By preparing your documents, checking your credit, and using a broker to compare "staying put" versus "switching," you can ensure you never pay more than you need to.
Don't leave it until the last minute. Start the process 6 months before your current deal ends to secure peace of mind today.
Think carefully before securing other debts against your home. 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.
As with all insurance policies, conditions and exclusions will apply.
Published by Adrian Collins, Founder of Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.
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