Start with your current mortgage
Find your latest statement and mortgage offer. Note your balance, remaining term, repayment type, current payment and the date your deal ends. Check what rate applies afterwards and whether an early repayment charge or exit fee would apply on your proposed completion date.
Bring this information to MOVA before the deal ends so there is time to discuss suitable options. Availability, offer validity and how early you can reserve a rate vary by lender; there is no single deadline that works for everyone.
Compare staying and switching
A product transfer means choosing another deal with your existing lender. A remortgage moves your borrowing to a different lender. Ask for both routes to be considered where available, including their eligibility rules, fees and timing.
The checks and paperwork depend on the lender and what you want to change. Additional borrowing, a different term or a change of borrowers can affect the assessment. A new lender’s process may also include valuation and legal work. Do not assume that switching is automatically better or that either route guarantees acceptance.
Look at the total cost
- Compare the rate and monthly payment alongside product, adviser, legal, valuation and existing-lender charges.
- Check whether fees are paid upfront or added to the mortgage. Adding a fee means paying interest on it too.
- Compare deals using the same borrowing amount and term, and consider the cost over the period you expect to keep the deal.
- Check overpayment allowances and early repayment charges, especially if you may move or repay a lump sum.
Extending the term can reduce monthly payments but may increase the total interest paid. If you are borrowing more, discuss why it is needed and how it changes your household budget.
Prepare a clear picture of your finances
Have income evidence, recent account information, details of commitments and an estimate of your property value ready. Tell your adviser about changes to employment, self-employment, credit commitments or household circumstances. The precise documents will depend on the route and lender.
List essential spending, irregular bills and the buffer you want to keep. A payment that passes a lender’s assessment still needs to feel manageable for your own circumstances. Use our calculator as an illustration, then request a mortgage review with Steven to discuss the figures and your next steps.
Check the offer and completion plan
Review the recommended deal, fees, repayment method, conditions and expiry date before proceeding. Confirm when the new deal can start and how any early repayment charge will be avoided or accounted for. Tell your adviser promptly if your circumstances change.
For a remortgage, keep in touch with the conveyancer about the legal work and redemption of your current loan. Continue making existing payments until your lender or conveyancer confirms the arrangements. If payments are becoming difficult, contact your lender early rather than waiting for a new deal.
Common questions
Before you take the next step.
Do I have to change lender?
No. A product transfer with your existing lender may be an option. MOVA can help you compare that with suitable remortgage options.
Will the lowest rate be the cheapest deal?
Not necessarily. Fees, charges, the term and how long you keep the deal can change the overall cost.
Can I remortgage if I am self-employed?
Potentially. Your income history, evidence, affordability and the lender’s criteria will matter. Our self-employed documents guide helps you prepare.
Your next step
Talk through your plans with MOVA.
Tell us what you want to achieve and what you are unsure about. We will help you understand the next steps and the information needed for your circumstances.
The initial conversation is at no cost. Any applicable adviser fee will be explained and agreed before you proceed.
Related MOVA guides
Keep planning your next step.
General information, not a personal recommendation or legal or tax advice. Lender criteria and availability can change.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.
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