Find out if the value of your home has increased
First you'll need to understand how much your home is worth.
You can contact an estate agent or surveyor to give you an estimate of property’s value. You can do your own research by looking at online tools or looking at similar house prices in your area – but it won’t be as accurate.
Check your current mortgage
Have a look at how much you've got left to pay on your mortgage. This, along with the value of your home will be used to work out your loan to value (LTV).
Your LTV could impact what mortgage offers are available. Normally the lower your LTV the lower the interest rate.
Check exit fees and charges
Before you go ahead with remortgaging, take a look at your current mortgage to see if you're in a fixed term deal, and if there are any Early Repayment Charges (ERC).
If your current deal isn’t coming to an end there's a chance you might incur charges to leave. Check your paperwork or call your lender to find out. You could also be charged an exit fee for closing your account and moving away from your current lender, so double check this as well.
Review your credit score
You'll need to go through a full mortgage application so check if there have been any changes to your credit score since you last applied.
Don't worry, your credit score isn't the only factor lenders look at when considering lending to you.
Check how much you can borrow
Once you know the value of your home, it's time to find out how much you can borrow.
You can use our mortgage calculator to see how much we could lend to you.
Compare remortgage deals
Time to explore what mortgage offers are out there. You can search our remortgage deals to see what we have available, and what your new monthly repayments might be.
Apply for a decision in principle (DIP)
Now you have an idea of how much you could borrow, let's have a chat.
We know everyone's circumstances are different, so it's useful to talk to us to see how we could help you.
You can request a callback if you'd like one of our mortgage advisers to give you a call.
Request a callback