Your current mortgage details:
We’ll need to know your current balance, term and monthly payment. If you are looking to pay your early repayment charge to get a better rate now we’d also need to know the details of your current mortgage interest rate and the specifics of that early repayment charge.
Other debts and regular outgoings:
It’s also important when we are checking the lenders affordability calculation that we give them accurate figures for any other commitments. The most common ones would be any loan payments, credit card balances, childcare costs and pension payments. It’s also important to include any additional mortgages and properties you own.
Income details:
Accurate income details are very useful. Splitting up basic salary with bonuses and overtime separated is also important as different lenders will interpret this differently. If you are self employed it’s not quite as straightforward as a payslip but generally speaking if you have your latest 2 tax returns to hand that will contain all the information we need.
Your future plans:
No-one can predict the future but you should definitely let your adviser know what your plans are. Particularly important would be any planned moves, home improvements or changes to your financial situation. There are many reasons why you would remortgage, if you aren’t sure then we have summarised the main ones in our guide here.
