Remortgage

Eligibility Remortgage

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Eligibility Remortgage

Regardless of where your enquiry has originated from, there are a few basic details that we should try to capture through this initial online form:

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How it works:

Enquiry Information

• What kind of enquiry is it? (e.g., First-Time Buyer, Buy To Let, Re-mortgage, etc.)
• Are you employed, self-employed, or unemployed?
• What is your approximate annual income?
• What is your age?
• If a deposit is required, what is the source of the funds?
• What stage of the property search are you currently at?
• What kind of price range are you looking at?
• Do you have any adverse credit?
• Do you have any dependants (young or old)?
• Have you approached any other brokers/lenders? If so, why are they not proceeding with you?
• Your preferred contact method and contact details (including email and phone number).

The aim of obtaining this information from you is to determine if there is potential to proceed with the mortgage application further. Once we have established a potential, we can proceed to the next stage and agree on the best time for a fact-find meeting. This can be face-to-face or over the phone.

FCA Requirements to Lenders You Should Be Aware Of

Mortgage lenders must ensure you take out a mortgage you can afford. Here is what they will likely check and the information you will have to provide.

Whether you're taking out a new mortgage, extending your current one, or remortgaging with a different lender, the lender must verify that you can afford the repayments both today and in the future.

To prove your income and determine how much you can borrow:

• If employed, show payslips;
• If self-employed, provide your tax returns, accounts, business plan, and projected income;
• Inform your lender if you expect your income to go up or down;
• Different lenders may require different types of evidence.

To confirm your spending:

• Provide information on repayments and other financial commitments;
• Detail essential expenses (food, utility bills, etc.) and basic living costs (clothes, childcare, etc.).

Lenders will look at how interest rates are expected to change over the next five years to see how they could affect your mortgage payments. If your payments are likely to increase, they will check that you can still afford them if your other outgoings and income remain the same. Be aware that interest rates could rise by more than predicted, potentially leading to higher-than-expected payments.