HERE'S OUR REMORTGAGING CHECKLIST:
#1. Current mortgage details:
The more you know about your existing mortgage arrangement, the better. A mortgage broker will need to know your balance, mortgage term and monthly repayment amounts. In the case of wanting to exit your current mortgage deal, you will need to know the exact early repayment charge and the current interest rate, in order to find you a better remortgage option. Without a redemption statement or deed of postponement from your existing lender, it may be more challenging to move forward. It’s also worth noting that some lender’s like a month’s notice for such administration.
#2. Income:
It may’ve been a while since you last assessed your finances, but the more accurate you can be, the better the chance of securing a good remortgage is. Split up your basic salary, away from things like overtime and bonuses, as certain lenders will have criteria which may look upon these things differently. If you’re self employed, you will need at least two years’ books.
#3. Expenditure
Everybody has other commitments and a haul load of extra outgoings. Ideally, you will have a handle on these and be able to account for your outgoings with accurate figures. Loan repayments, credit cards and pensions etc. Also, if you have any other mortgages or properties, you must declare this too.
#4. Forecasting the future
Nobody will hold you over a barrell if you predict plans which don’t come to life, however, you must let your lender or advisor know what your intentions are. Possible moving plans or dates, home improvements or alterations to your financial situation.
#5. Monataries
All monetary exchanges have to be above board. The Money Laundering Act of 2007 poses several implications between the exchanging of currency. Copies of bank statements are essential; additional documents to show how or where initial monies came from will be needed if money was inherited, for example. If a donation has been made, this will need all relevant paperwork from both parties too. Any important documentation like this should be sent as a recorded delivery.
#6. Property
If you have made structural alterations to your existing property, you will need the planning permissions, building regulations or completion documents to hand. If you do not posses such documentation, your property may be valued differently.
>> NEED HELP TO CHOOSE THE RIGHT MORTGAGE SOLUTION? <<
If you are considering moving and would like to find the right mortgage solution, we’ll support you every step of the way, from getting your mortgage right through to the final paperwork. To discuss your options, contact Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017, HK T: +852 6645 4462 – email info@ cedar-crest.co.uk.
Your home may be repossessed if you do not keep up with payments.
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