Life doesn't stand still between mortgage deals. Whether you've changed jobs, welcomed a new family member, become self-employed or are thinking about borrowing more, your next mortgage should reflect your current circumstances, not the ones you had years ago.
By the end of this chapter you’ll understand:
✓ How changes in your circumstances could affect your remortgage
✓ When you may be able to borrow more
✓ Common reasons homeowners increase their mortgage
✓ What lenders will consider when assessing your application
✓ Why speaking to an adviser early can make planning easier
Estimated Reading Time: 8 minutes
It’s completely normal for life to look very different by the time your current mortgage deal comes to an end.
Perhaps you’ve:
All of these changes can influence the type of mortgage available to you, but they don’t automatically mean you’ll struggle to remortgage.
Every lender assesses applications differently, which is why receiving personalised advice is so important. By understanding your circumstances, we can recommend lenders and products that are suitable for your situation and explain any documentation you may need to provide.
Remember, a remortgage isn’t simply about replacing your current deal, it’s an opportunity to ensure your mortgage still fits your life today.
Many homeowners choose to increase their mortgage when they remortgage.
This is often known as additional borrowing or capital raising, and it can be a cost-effective way of funding major expenses, depending on your circumstances.
Some common reasons include:
Before increasing your borrowing, your lender will usually consider:
Borrowing more isn’t the right solution for everyone, but if it supports your long-term financial goals, we’ll explain your options clearly and help you decide whether it’s the right approach.
Your mortgage should evolve with your life.
Many homeowners think their mortgage is something they simply renew every few years. In reality, each remortgage is an opportunity to step back and ask whether your current mortgage still works for your circumstances.
Assuming your current lender is your only option.
Many homeowners believe that if their circumstances have changed, such as becoming self-employed or changing jobs, they have no choice but to accept whatever their current lender offers.
In reality, every lender has different criteria. While one lender may not be suitable, another may be happy to lend based on your current circumstances.
✓ Life changes don’t automatically stop you from remortgaging.
✓ Every lender assesses applications differently.
✓ You may be able to borrow more to achieve your financial goals.
✓ Your remortgage should reflect your current circumstances, not your previous ones.
✓ Speaking to an adviser early gives you more time to explore the right options.
Next Chapter →
Reviewing Your Protection
In the next chapter, we’ll look at how a remortgage is an option for you to make sure your protection policies still work for you.
