28 June 2016

Tips to get ready for a new mortgage application

Most people expect a steep learning curve when they take out their first mortgage, but by the time you come round to remortgaging, you’ll be a pro, right?

These days, that’s not always the case. With the ever–shifting economy, changes to both regulation and your own personal finances and circumstances, applying for a remortgage can be just as much of a learning experience. If you applied for your last mortgage more than a few years ago you’ll probably find that the range of products available and how much you can borrow has changed substantially.

We take a closer look at some of the ways you can stay informed and ahead when it’s time to remortgage.

Take stock of your finances

Your financial situation may be very different to when you last applied for a mortgage. Perhaps your earnings have risen rapidly, or you’ve moved from being a one income household to two, or vice versa.

Your spending may also have changed, particularly if you’ve started a family. In today’s mortgage market your monthly outgoings, including things like bills, loan repayments, credit cards and childcare will be assessed before you’re approved for a home loan.

Make a list of your income and all your outgoings and work out how much you’d comfortably be able to spend on your mortgage each month.

Take steps to boost your credit rating

It’s easy to take your credit rating for granted, particularly if you’ve already got a mortgage, but having a good score may help you get your remortgage application accepted. If you’re paying all your current mortgage payments on time then it should help boost your rating.

It’s worth checking your credit file with all three major credit reference agencies; Equifax, Experian and Callcredit, around 2 months before you apply for a remortgage.

Make sure:


  • All your credit accounts and payments are listed correctly
  • Your details are on the electoral roll
  • Other people’s records are only linked to yours if you have a current financial relationship
  • Any black marks are fully explained.

Check out our five top tips to boost your credit score.

Think about the value of your property

If your property has gone down in value, you may not have as much equity as you anticipated, or you may even be in negative equity. If you don't have to move, you don’t need to do anything. As long as you keep making your monthly mortgage payments you may soon be out of negative equity, either because the value of your home has risen, or because you’ve reduced the amount you owe to below the value of your home.

If you do need to move or remortgage, talk to your lender and find out what help they can give you. 

Ask for help

It may seem like all the mortgage help is directed at first time buyers, but don’t be afraid to seek out some advice if you feel you need it.

Pop into one of our branches or call us on 0800 30 20 11 to make an appointment with one of our Mortgage Consultants.



Mortgages are available to those aged 18 or over and are subject to underwriting and criteria.

Are you in the process of applying for a new mortgage?

You might find our remortgaging guide helpful.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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