Stack the odds in your favour
A refinance is the same as applying for your first loan. You need to ensure that your credit history is as good as you can make it. You will be required to produce your bank statements. The reason for that is to allow the lender to check your spending history. Therefore you do not want excessive spending or uncontrolled spending on your account. Your repayment capacity will discount your existing commitments. Other loan repayments are taken into account when viewing your repayment capacity. If you are considering refinancing you should not take on another loan (car loans or holiday loans, for example) at that point.
Similarly, your employment record should be stable. So, it is not a good idea to switch your employment before applying for a refinance loan.
Another thing to look out for is if you have carried out any extension to your home since you bought it. If that extension required planning permission, you must have all planning certificates and financial receipts. Even if the extension was exempt from planning you will require an Architect’s certificate of exemption.
The bank will require a valuation of your home. Usually, these are comparator valuations based on what other similar properties are worth. You can do yourself a favour by ensuring your property is looking as good as possible.
Email us for a quote or complete our online file opening form and we will take it from there.