Remortgages and product switches

Most people don't think about their mortgage until a letter arrives saying their deal is about to end. By then it can feel like a rush. We'd much rather look at it with you several months ahead, so there's time to compare properly and nothing is left to the last minute.

We're a mortgage and protection brokerage based in Leeds, with offices in Manchester and London. We advise clients across the UK by phone and video, and we often help people whose income has become more complex since they last borrowed.

When to start looking at your remortgage

A good rule of thumb is to start talking to us around six months before your current deal ends. Many lenders let you secure a new product several months ahead, and if things change before the switch date, there's often room to look again.

If you let your deal expire without arranging anything, you'll normally move onto your lender's standard variable rate. That's usually more expensive than the products available to you, so it's worth acting before it happens.

Product switch or remortgage to a new lender

There are two main routes when your deal ends.

A product switch means staying with your current lender and choosing one of its new deals. It's usually simple and quick, and often doesn't involve a full reassessment of your income or a new valuation.

A remortgage means moving to a different lender. It involves a full application, a valuation and legal work, but it can open up a wider range of options and may let you borrow more or change the structure of your mortgage.

Neither is always better. We compare what your lender is offering with what the wider market could offer, and set it out in writing so you can see the difference clearly. Any remortgage is subject to underwriting and valuation.

Raising money when you remortgage

Some clients want to release equity for home improvements, to help a family member, or to put towards another property. Lenders will consider this in many cases, though they'll want to know what the money is for and will check affordability again.

Some people ask about using a remortgage to consolidate debts. It can reduce monthly payments, but spreading short term borrowing over a longer mortgage term can mean paying more interest overall. Think carefully before securing other debts against your home.

Remortgaging when your income has changed

This is where we spend a lot of our time. If you were employed when you took out your mortgage and you're now a company director, a partner in a firm or a contractor, your current lender's approach to your income may not suit you as well as another lender's would.

Some lenders only use the salary and dividends you've drawn. Others can look at your share of company profit, or may use your latest year on its own where profit has grown. Our article on using your latest year's figures explains why that can make a real difference, and our page on mortgages for company directors covers the detail.

What you'll usually need

• Your latest mortgage statement and the date your current deal ends
• Photo identification and proof of address
• Payslips and P60, or SA302s, tax year overviews and accounts if you're self employed or a director
• Recent bank statements
• Details of any credit commitments
• Rough costs, if you're raising money for improvements

How a remortgage works with us

1. A proper conversation. We talk through your current deal, your plans and how you're paid, in 30 to 45 minutes.
2. Your documents, once. Uploaded through our secure portal.
3. Compare your options. We look at a switch with your lender and the wider market, side by side.
4. Secure the right deal. We arrange the product switch or submit the full application, explaining anything unusual to the underwriter.
5. Through to completion. We keep the lender and any solicitor moving, and review your protection while we're at it.

The first consultation is free. Get in touch when your deal is coming up and we'll aim to reply within the hour during office hours.