Your Free Guide to Remortgaging 3OHDVHȴQGHQFORVHG\RXUIUHHFRS\RIWKH0RQH\

Your Free Guide to Remortgaging 3OHDVHȴQGHQFORVHG\RXUIUHHFRS\RIWKH0RQH\6DYLQJ([SHUWFRP*XLGHWR5HPRUWJDJLQJ VSRQVRUHGE\/ &ΖKRSHWKDW\RXȴQGWKHJXLGHQRWRQO\LQIRUPDWLYHEXWWKDWLWZLOOEH\RXU ȴUVWVWHSWRZDUGVVDYLQJ\RXUVHOIeWKRXVDQGV 7KHJXLGHSURYLGHVDJUHDWVWDUWLQJSRLQWWRZDUGVXQGHUVWDQGLQJKRZPRQH\FDQEHVDYHGE\ UHPRUWJDJLQJ$VZHOODVVDYLQJPRQH\UHPRUWJDJLQJ Don’t delay reviewing your mortgage! 5HPRUWJDJLQJLVVXUSULVLQJO\VLPSOH/ &RQHRIWKH8.ȇVEHVWNQRZQPRUWJDJHEURNHUV KHOSVWKRXVDQGVRISHRSOHVDYHPRQH\HDFK\HDU:HUHFRPPHQGWKHEHVWPRUWJDJHWRVXLW \RXUSHUVRQDOFLUFXPVWDQFHVDQGFKDUJH12)((IRURXUVHUYLFH7KHSURFHVVLVFRQGXFWHG TXLFNO\RYHUWKHWHOHSKRQHZLWKEDFNXSDQGDGYLFHSURYLGHGWKURXJKRXW:HDOVRSURYLGH DFFHVVWRRXUXQLTXHRQOLQHWUDFNLQJVHUYLFHVR\RXFDQFKDUWWKHSURJUHVVRI\RXUPRUWJDJH )RUDIUHHQRREOLJDWLRQUHYLHZVLPSO\FDOOXVRQFreephone 0800 953 0598RUHQTXLUHRQOLQH DWZZZOFSOFFRXNPOUHPRUWJDJHJXLGH :HORRNIRUZDUGWRKHDULQJIURP\RXȂDQGVDYLQJ\RXVRPHFDVK <RXUVVLQFHUHO\ Phillip Cartwright Managing Director SECTION TITLE MoneySavingExpert.com 3 MoneySavingExpert.com 6321625('%< :ULWWHQE\0DUWLQ/HZLV/L]3KLOOLSV*X\$QNHU -RKDQQD*RUQLW]NLDQG/HVOH\$GDPVRQ £ Guide to Remortgaging 2015 MoneySavingExpert.com SECTION TITLE 4 CONTENTS $OOLQIRUPDWLRQFRUUHFWDWWLPHRIJRLQJWRSUHVV $XJXVW  Foreword – Independence and integrity 3DJH Who’s this guide for? 3DJH Martin’s Mortgage Introduction 3DJH &KDSWHU Why should I remortgage? 3DJH &KDSWHU Who shouldn’t remortgage? 3DJH &KDSWHU Get ready to remortgage 3DJH  Ȃ:KDWZLOOWKH\OHQG\RX"  Ȃ'R\RXKDYHHQRXJKHTXLW\LQ\RXUSURSHUW\"  Ȃ&DQ\RXGURSDQ/79EDQG" &KDSWHU Boost your chances of getting the best mortgage 3DJH  ΖPSURYH\RXUFUHGLWVFRUH  3URYLQJD΍RUGDELOLW\  0RUHWLSVWRERRVW\RXUDFFHSWDQFHFKDQFHV &KDSWHU Remortgaging if you’re self-employed/a contract worker 3DJH &KDSWHU What type of remortgage to choose? 3DJH  &KRLFH 5HSD\PHQWPRUWJDJHRULQWHUHVWRQO\"  &KRLFH :KDWW\SHRIGHDOGR\RXZDQW"  &KRLFH 'R\RXZDQW\RXUPRUWJDJHWREHȵH[LEOH" &KDSWHU Moving house 3DJH &KDSWHU Don’t forget the fees 3DJH &KDSWHU  How to get the best remortgage deal 3DJH  8VLQJDEURNHU  *RLQJVROR &KDSWHU Watch out for the hard sell on related products 3DJH &KDSWHU Remortgage Q&A 3DJH 0DUWLQȇVȴQDOWKRXJKW 3DJH FOREWORD MoneySavingExpert.com 1 Independence and integrity 7KLVJXLGHLVVSRQVRUHGE\/RQGRQ &RXQWU\PRUWJDJHVWKDWȇVWKHUHDVRQZHFDQSULQW DQGGLVWULEXWHLWIRUIUHH 6ROHWPHPDNHVRPHWKLQJYHU\SODLQ 7KLVJXLGHLVZULWWHQZLWKDEVROXWHHGLWRULDOLQGHSHQGHQFH:KDWȇVLQLWLVSXUHO\ GHSHQGHQWRQP\YLHZRIWKHEHVWZD\VWRVDYHPRQH\DQGWKHVSRQVRUȇVYLHZRQWKDW LVLUUHOHYDQW +RZHYHUWKHUHDVRQΖDJUHHGWRDOORZ/RQGRQ &RXQWU\WREHWKHVSRQVRUZKLFK HQDEOHVWKLVSULQWHGJXLGHWRH[LVWLVEHFDXVHDIWHUGHWDLOHGUHVHDUFKLQWRWKRVHEURNHUV WKDWR΍HUFRYHUDJHQDWLRQZLGH/RQGRQ &RXQWU\KDVFRPHRXWDVRQHRIWKHWRSIRUD QXPEHURI\HDUV ΖWȇVYHU\LPSRUWDQWWKDWWKLVLVXQGHUVWRRGDQGQRRQHWKLQNVLWLVWKHRWKHUZD\URXQG LQRWKHUZRUGVLWLVUHFRPPHQGHGEHFDXVHLWVSRQVRUVWKHJXLGH/LNHHYHU\WKLQJZLWK 0RQH\6DYLQJ([SHUWFRPWKHHGLWRULDO ZKDWȇVZULWWHQ LVSXUHO\DERXWZKDWȇVWKHEHVWGHDO ΖI/RQGRQ &RXQWU\QRORQJHUR΍HUVWKHGHDOLWFXUUHQWO\GRHVDQGHLWKHUVWDUWV FKDUJLQJIHHVRUVWRSVEHLQJLQGHSHQGHQWDQGR΍HULQJSURGXFWVIURPDFURVVWKH PDUNHWZHȇGGLWFKLWDVDSLFNLPPHGLDWHO\<RXFDQFKHFNLIWKDWȇVKDSSHQHGYLDDQ XSWRGDWHDUWLFOHRQPRUWJDJHEURNHUVRQWKHVLWH-XVWJRWR www.moneysavingexpert.com/mortgagebrokers “This guide is written with absolute editorial independence” MoneySavingExpert.com WHO IS THIS GUIDE FOR? 2 Who’s this guide for? 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First-time buyers ΖWȇVQRWIRUWKRVHZKRDUHORRNLQJWREX\DSURSHUW\:KHWKHU\RXȇYH DVPDOORUODUJHGHSRVLWRUZKHWKHU\RXȇYHJRWDJRRGRUEDGFUHGLW KLVWRU\WKHQWKHUHȇVDVSHFLDOJXLGHMXVWIRU\RX*RWR www.moneysavingexpert.com/mortgageguideWRJHWLW Property investors ΖI\RXȇUHEX\LQJDQHZSURSHUW\DVDQLQYHVWPHQWWRUHQWRXWUDWKHU WKDQWROLYHLQWKHLVVXHVDUHVXEVWDQWLDOO\GL΍HUHQW5HDGRXUEX\WROHW JXLGHDYDLODEOHDWwww.moneysavingexpert.com/buytolet INTRODUCTION MoneySavingExpert.com 3 Martin’s Mortgage Introduction ΖI\RXUPRUWJDJHLV\RXUVLQJOHELJJHVWH[SHQGLWXUHWKHQFXWWLQJLWVFRVWLVOLNHO\WREH \RXUELJJHVWVLQJOH0RQH\6DYHU It’s a no-brainer. 6RUDWKHUWKDQPHJRLQJR΍RQRQHKHUHH[SODLQLQJKRZDPD]LQJO\GL΍HUHQWWRRWKHU PRUWJDJHJXLGHVWKLVLVIRUDZKROHKRVWRIUHDVRQVZK\GRQȇWZHERWKMXVWJHWRQZLWK LWDQGVDYH\RXVRPHFDVK" 3OHDVHQRWHVLQFHWKLVLVDSULQWHG DQGGRZQORDGDEOH JXLGHLWȇVDOZD\VZRUWKGRXEOH FKHFNLQJWKHODWHVWGHDOVDQGXSGDWHVEHIRUHDFWLQJDVWKHPRUWJDJHPDUNHWFKDQJHVDOO WKHWLPH 6HHRXUEURNHUJXLGHDWwww.moneysavingexpert.com/brokers MoneySavingExpert.com CHAPTER 1 4 Why should I remortgage? 5HPRUWJDJLQJPHDQVVKLIWLQJ\RXUPRUWJDJHIURPRQHOHQGHUWR DQRWKHUWRJHW\RXUVHOIDEHWWHUGHDO$QG\RXGRQȇWHYHQKDYHWRPRYH KRXVHWRGRLW 7KHUHDUHPDQ\UHDVRQVZK\UHPRUWJDJLQJFRXOGPDNHVHQVHIRU\RX EXWWKHPDLQRQHLVVLPSOH6DYLQJPRQH\%LJPRQH\ )RUPRVWSHRSOHWKHLUPRUWJDJHLVWKHLUELJJHVWȴQDQFLDOFRPPLWPHQW $QGLWIROORZVWKDWVWUHDPOLQLQJWKHODUJHVWGHEWFDQSURGXFHWKH ODUJHVWVDYLQJΖI\RXȇUHWKHNLQGRISHUVRQZKRVKRSVDURXQGWRJHWWKH FKHDSHVWWHOHYLVLRQRU'9'SOD\HUWKHQ\RXȇUHPLVVLQJDWULFNE\QRW XVLQJWKHVDPHVNLOOVWRVDYHPRQH\RQ\RXUPRUWJDJH )RUVRPHVWLFNLQJRQWKHVWDQGDUGYDULDEOHUDWHȃWKHUDWH\RXHQG XSSD\LQJDIWHUDQ\LQWURGXFWRU\GHDOKDVHQGHGȃLVWKHEHVWRSWLRQ DSUHYLRXVO\XQWKLQNDEOHVFHQDULRΖI\RXȇUHFRQVLGHULQJWKLVHQVXUH UHPDLQLQJRQWKDWUDWHLVDQDFWLYHFKRLFHUDWKHUWKDQDOD]\RQHDVRWKHUZLVH\RXPD\ ȴQG\RXȇYHPLVVHGRXWRQDIRUWXQH %XWEHIRUH\RXJRDQ\ZKHUHFKDOOHQJH\RXUFXUUHQWOHQGHUWRJLYH\RXDQHZR΍HUDVLW FRXOGUHGXFHWKHIHHV\RXSD\WRJHWDQHZGHDO5HPHPEHULWPDNHVPRQH\IURP\RX VRLWZDQWVWRNHHS\RXUFXVWRP 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'HVSLWHWKHSRWHQWLDOVDYLQJVDYDLODEOHWKHUHDUHVRPHSHRSOHZKRSUREDEO\VKRXOGQȇW UHPRUWJDJHΖWȇVDOODTXHVWLRQRIPRQH\WLPLQJDQG\RXUSHUVRQDOFLUFXPVWDQFHV (VVHQWLDOO\\RXKDYHWRGHFLGHZKHWKHUWKHVDYLQJVDYDLODEOHDWWKHSRLQW\RXȇUH FRQVLGHULQJVZLWFKLQJGHDOVZLOORXWZHLJKWKHFRVW7KLQNFDUHIXOO\LI\RXIDOOLQWRRQHRI WKHIROORZLQJFDWHJRULHV The lucky ones — on a great deal already <RXPD\DOUHDG\EHRQVXFKDIDQWDVWLFGHDOWKDW\RXȇGEHPDGWRPRYHDQGWKHUHȇV QRWKLQJFORVHDWWKHWLPH%XWGRQȇWJHWWRRFRPIRUWDEOHȃFKDQFHVDUHLWZRQȇW DOZD\VEHWRSRIWKHWUHHVRHYHQWXDOO\\RXȇOOQHHGWRFRQVLGHUKRSSLQJRQERDUGWKH UHPRUWJDJLQJPHUU\JRURXQG ΖWȇVZRUWKGRLQJVRPHFKHFNVVR\RX.12:\RXȇYHJRWWKHEHVWGHDOSRVVLEOHDQGWKDW LWȇVIXWXUHSURRIHG The unlucky ones — locked in with penalties $OWHUQDWLYHO\\RXPD\EHRQDSRRUGHDOEXWWKHOHQGHUKDVORFNHG\RXLQZLWKVXFKD KRUUHQGRXVHDUO\UHSD\PHQWFKDUJHWKDWLWȇGEHXWWHUIRROLVKQHVVWRPRYHEHIRUHWKH HQGRIWKHLQFHQWLYHSHULRG ΖI\RXȇUHRQDUHDOO\UXEELVKGHDOWKDWZRXOGFRVWWRRPXFKWRIUHH\RXUVHOIIURPWKHQ LWȇVDOOWKHPRUHLPSRUWDQWWRPRYHDVVRRQDV\RXFDQ'R\RXUKRPHZRUNDQGEH UHDG\ȃDQGWU\QRWWRWKLQNDERXWKRZPXFKPRQH\LWȇVFRVWLQJ\RXHYHU\PRQWKLQ WKHPHDQWLPH ΖWȇVDOZD\VZRUWKDVNLQJ\RXUFXUUHQWOHQGHULILWZLOOOHW\RXVZLWFKWRDQRWKHURILWVGHDOV LHGRDSURGXFWWUDQVIHU E\SD\LQJDUHGXFHGHDUO\UHSD\PHQWFKDUJH&KDQFHVDUH VOLPEXWLWȇVZRUWKDJR MoneySavingExpert.com CHAPTER 2 10 The ones whose timing is bad ΖQUHFHQW\HDUVPRUWJDJHUDWHVKDYHSOXPPHWHGWRWKHLUFKHDSHVWHYHU%XWUDWHVFDQ PRYHLQUHODWLRQWRWKH%DQNRI(QJODQGȇVEDVHUDWHZKDWȇVJRLQJRQLQWKHLQWHUQDWLRQDO PRQH\PDUNHWVDQGOHQGHUVȇRZQFRPSHWLWLYHSULRULWLHV ΖWȇVSRVVLEOHWKDWE\WKHWLPH\RXUHDGWKLVUDWHVKDYHJRQHXSPHDQLQJWKHVXPVGRQȇW DGGXSΖQZKLFKFDVHLWPD\PDNHVHQVHWRVLWWLJKWDQGUHFRQVLGHUVRPHZKHUHGRZQ WKHOLQH Those who own 10% or less of their property ΖI\RXRZQOHVVWKDQRI\RXUSURSHUW\RXWULJKWȃRUWRSXWLWDQRWKHUZD\\RXQHHG WRERUURZPRUHWKDQ RIWKHFXUUHQWYDOXHRI\RXUSURSHUW\ȃWKHQ\RXȇOORIWHQȴQG LWGLɝFXOWWRJHWDJRRGQHZPRUWJDJHGHDO :KLOH PRUWJDJHVDUHLQFUHDVLQJO\PRUHDYDLODEOHHVSHFLDOO\VLQFHWKH*RYHUQPHQWȇV +HOSWR%X\VFKHPHZDVLQWURGXFHGWKHUDWHVDUHQȇWWKDWFRPSHWLWLYH6RXQOHVV\RXȇUH RQDYHU\KLJKUDWHGHDOQRZ\RXȇOOUHDOO\QHHGWRJHWEHORZWKH WKUHVKROGWRVDYH CHAPTER 2 MoneySavingExpert.com 11 Those whose equity has shrunk <RXPD\KDYHKDGDGHSRVLWZKHQ\RXERXJKW\RXUKRPHDQGJRWDGHFHQW PRUWJDJHERUURZLQJWKHUHPDLQLQJ RI\RXUKRPHȇVYDOXH%XWQRZ\RXUKRXVHȇV YDOXHKDVGURSSHGDQGWKHDPRXQW\RXRZHLVDELJJHUSURSRUWLRQ8QIRUWXQDWHO\ \RXȇUHDYLFWLPRIHYDSRUDWLQJHTXLW\HYHQLI\RXKDYHEHHQPDNLQJUHSD\PHQWVDQG WKDWFDQKXUW\RXΖQVRPHFDVHV\RXPD\EHLQQHJDWLYHHTXLW\ZKHUH\RXUGHEWLV KLJKHUWKDQWKHYDOXHRIWKHSURSHUW\ &KHFNWRVHHLI\RXUFXUUHQWOHQGHUFDQR΍HU\RXDQRWKHUUDWHΖIQRWWKHRQO\WKLQJ\RX FDQGRLVVLWWLJKWPDNHRYHUSD\PHQWVZKHQHYHU\RXFDQD΍RUGLWDVORQJDV\RXZRQȇW EHFKDUJHGIHHVDVZHOODQGZDLWIRUSULFHVLQ\RXUDUHDWRJRXSDJDLQ The ones whose circumstances have changed ΖWȇVSRVVLEOHWKDW\RXUȴQDQFLDOSRVLWLRQKDVDOWHUHGVLQFH\RXWRRNRXW\RXUFXUUHQW PRUWJDJHȃIRULQVWDQFHRQHRI\RXKDVVWRSSHGZRUNLQJRU\RXKDYHEHFRPHVHOI HPSOR\HG1HZOHQGHUVPD\QRWEHSUHSDUHGWRR΍HU\RXDORDQEHFDXVH\RXQRORQJHU ȴWWKHLUFULWHULD$JDLQ\RXPD\EHEHWWHUWRVWD\ZKHUH\RXDUH Those with a bad credit history ΖI\RXKDYHDEDGFUHGLWKLVWRU\FDXVHGE\PLVVLQJDIHZFUHGLWFDUGORDQPRUWJDJHRU XWLOLW\ELOOSD\PHQWVWKHQLWȇVXQOLNHO\\RXȇOOEHDEOHWRUHPRUWJDJH7KDWȇVEHFDXVHVLQFH WKHFUHGLWFUXQFKOHQGHUVKDYHEHFRPHPXFKPRUHSLFN\DERXWZKRWKH\OHQGWR7KH\ ZDQWFXVWRPHUVZLWKVSRWOHVVUHSD\PHQWKLVWRULHVRUDWOHDVWDJRRGFOHDQUHFRUGRI KDQGOLQJGHEWVZHOO Those with a very small mortgage 2QFH\RXUORDQIDOOVEHORZDFHUWDLQDPRXQWȃVD\DURXQGeȃLWPD\QRWEH ZRUWKVZLWFKLQJOHQGHUVLPSO\EHFDXVH\RXDUHOHVVOLNHO\WRPDNHDVDYLQJLIWKHIHHV DUHKLJK ΖQIDFWVRPHOHQGHUVZRQȇWHYHQWDNHRQPRUWJDJHVEHORZe7KHVPDOOHU\RXU PRUWJDJHWKHELJJHUWKHH΍HFWDQ\IHHV\RXSD\WRUHPRUWJDJHZLOOKDYH$QGZLWK PDQ\QHZGHDOVR΍HUHGRQWKHEDVLVRI\RXSD\LQJDIRXUȴJXUHIHHPDNHVXUH\RX GRWKHPDWKVWRZRUNRXWLI\RXȇUHEHWWHUR΍VZLWFKLQJRUQRWΖQVRPHFDVHVLWPD\EH ZRUWKUHPDLQLQJRQDKLJKHULQWHUHVWUDWHWRDYRLGWKHIHH %RUURZHUVZKRDUHYHU\FORVHWRWKHHQGRIWKHLUPRUWJDJHWHUPPD\DOVRȴQGLW SURKLELWLYHO\H[SHQVLYHWRVZLWFKOHQGHU MoneySavingExpert.com CHAPTER 3 12 Get ready to remortgage %HIRUH\RXVWDUWORRNLQJDWUHPRUWJDJHVWKHUHDUH7+5((FKHFNV\RXQHHGWRPDNHRQ \RXUFXUUHQWPRUWJDJH 1. Will you be paying an early repayment charge? 0RVWPRUWJDJHVKDYHDQHDUO\UHSD\PHQWFKDUJHGXULQJWKHLQLWLDOVSHFLDOGLVFRXQW SHULRG DIHZKDYHH[WHQGHGSHQDOWLHVDIWHUWKHGHDOHQGVWRR ΖI\RXUHPRUWJDJH WKHQ\RXȇOOWULJJHUWKHFKDUJHDQGLWFDQEHWKRXVDQGVRISRXQGV6REHIRUH\RXJRDQ\ IXUWKHU\RXQHHGWRNQRZ ȏ ΖVWKHUHDFKDUJH" ȏ +RZPXFKLVLW" ȏ :KDWGDWHGRHVLWDSSO\XQWLO" $UPHGZLWKWKLVLQIRUPDWLRQ\RXȇOOWKHQEHDEOHWRZRUNRXWLILWȇVZRUWKGLWFKLQJ\RXU GHDOHDUO\DQGSD\LQJWKHFKDUJH2U\RXȇOOEHVXUHWRGRGJHWKHFKDUJHE\UHPRUWJDJLQJ WKHworking day afterWKHHDUO\UHSD\PHQWFKDUJHHQGV 2. Will you be paying a deeds release fee? 0RVWPRUWJDJHVZLOOKDYHDQDGPLQLVWUDWLRQIHHIRUUHOHDVLQJWKHGHHGVWR\RXUVROLFLWRU ΖWW\SLFDOO\UDQJHVEHWZHHQeDQGe 7KHOHQGHUVKRXOGRQO\FKDUJH\RXWKHVHNLQGVRIIHHVLI\RXZHUHWROGDERXWWKHP ZKHQ\RXȴUVWWRRNRXWWKHPRUWJDJH7KH\ZRXOGQHHGWREHRQWKHR΍HUGRFXPHQW DQGWKH.H\IDFWVLOOXVWUDWLRQΖIWKH\DUHQȇWSRLQWWKLVRXWDQGDVNIRUWKHIHHWR EHUHPRYHG “Dodge the charge by remortgaging the ZRUNLQJGD\DIWHUȋ CHAPTER 3 MoneySavingExpert.com 13 3. How much do you owe your current lender? :LWKRXWWKLVLQIRUPDWLRQ\RXZRQȇWNQRZKRZPXFK\RXȇOOQHHGWRUHPRUWJDJHIRU 'RQȇWMXVWHVWLPDWHDȴJXUH3KRQHDQGDVNȊ+RZPXFKZRXOGΖQHHGWRSD\WRFOHDUWKH PRUWJDJHRQIRUH[DPSOH-XO\"ȋ *LYLQJWKHGDWHPHDQVLWȇOOWDNHLQWRDFFRXQWDQ\QRUPDOUHSD\PHQWV\RXȇUHGXHWRPDNH EHWZHHQQRZDQGWKHQ5HO\LQJRQDURXJKHVWLPDWHFRXOGPHDQ\RXHQGXSZLWKD VKRUWIDOORUWDNLQJDSULFLHUUHPRUWJDJHWKDQ\RXQHHGHGWR MoneySavingExpert.com CHAPTER 3 14 What will they lend to you? +LVWRULFDOO\OHQGHUVVLPSO\PXOWLSOLHG\RXULQFRPHWRZRUNRXWKRZPXFKWR OHQG\RX7\SLFDOO\DVLQJOHSHUVRQFRXOGERUURZIRXUWLPHVWKHLUVLQJOHVDODU\ ZKLOHDFRXSOHZRXOGEHR΍HUHGWKUHHWLPHVWKHLUMRLQWVDODU\ 1RZLWȇVDOODERXWD΍RUGDELOLW\/HQGHUVORRNDW\RXULQFRPHFRPSDUHGWR\RXU RXWJRLQJV ELOOVDQGRWKHUGHEWV DQGZRUNRXWKRZPXFKVSDUHFDVK\RXKDYH HDFKPRQWK 7KLVFDQJHWWULFN\6RPHOHQGHUVDUHVRSLFN\WKDWHYHQZKHQ\RXȇYHSDLGGHEWV R΍ȃVD\RQDFUHGLWFDUGȃMXVWEHIRUHDSSO\LQJWKH\IDFWRULQKRZPXFK DYDLODEOHFUHGLW\RXKDYH (YHQRQFHWKH\ȇYHGRQHWKHPDWKVWKH\ȇOOQHHG\RXWRKDYHDFXVKLRQLQ FDVHPRUWJDJHUDWHVULVHDQGWRHQVXUH\RXȇUHQRWULJKWRQWKHHGJHRI\RXU ȴQDQFHV$VDUHVXOWWKH\ȇOOZRUNRXWZKDW\RXFDQD΍RUGEDVHGRQDKLJKHU PRUWJDJHUDWHXVXDOO\RUHYHQLI\RXȇUHDSSO\LQJIRUDGHDO How much equity will I need in my house? 7KHGD\VRIPRUWJDJHVDUHORQJJRQH7KHNH\TXHVWLRQLVKRZPXFKRI \RXUSURSHUW\ȇVYDOXH\RXDUHORRNLQJWRERUURZIURPWKHQHZOHQGHU %RUURZLQJOHVVLQGLFDWHV\RXDUHPRUHVROYHQWDQGPHDQVWKHPRUWJDJHORDQ LVOHVVRIDULVNIRUWKHPRUWJDJHFRPSDQ\7KLVLVEHFDXVHDPRUWJDJHLVD VHFXUHGORDQ LQRWKHUZRUGVLI\RXFDQȇWUHSD\WKHOHQGHUJHWV\RXUKRPH VR E\OHQGLQJPRQH\LWȇVWDNLQJDJDPEOHRQKRXVHSULFHV ΖI\RXȇUHRQO\ERUURZLQJRI\RXUKRPHȇVYDOXHSULFHVZRXOGQHHGWRGURS E\EHIRUHLWZRXOGQȇWEHDEOHWRUHFRXSWKHIXOODPRXQWRIWKHORDQLI\RX FRXOGQȇWJHWLWEDFN6RWKLVR΍HUVPRUHSURWHFWLRQ Ȋ1RZLWȇVDOODERXWD΍RUGDELOLW\ Lenders look at your income FRPSDUHGWR\RXURXWJRLQJVȋ +HUHȇVWKHFUXFLDO4 $  Q. What counts as equity in my house? $ ΖWȇVLPSRUWDQWWRXQGHUVWDQG\RXUERUURZLQJZLOOGHSHQGRQWZRIDFWRUV — The equity in your homeΖI\RXRZHeDQGWKHKRXVHLVQRZYDOXHGDW e\RXKDYHeHTXLW\ ΖI\RXȇUHDSSO\LQJIRUDUHPRUWJDJHWRUHSODFHWKHeORDQWKHeHTXLW\LV HTXLYDOHQWWRDGHSRVLWIRUVRPHRQHEX\LQJDSURSHUW\ — Can you put any other cash towards it?ΖI\RXȇYHVDYLQJV\RXFDQXVH DOZD\V NHHSDQHPHUJHQF\IXQG WKLVFDQORZHU\RXUERUURZLQJVDQGPD\UHVXOWLQD EHWWHUPRUWJDJH From here on, for the sake of simplicity, let’s just call it equity — but really it’s about how much in assets or cash you’re putting toward the mortgage. Q. How much equity do I need to get a good deal? $ 7RJHWDPRUWJDJH\RXQHHGHTXLW\RIDWOHDVW7RJHWDJRRGUDWHFXUUHQWO\\RXȇOO QHHGPRUHWKDQRIWKHKRPHȇVYDOXHDQGIRUWKHNLFNEXWWPDUNHWOHDGLQJGHDOV 7KHJROGHQUXOHLVVLPSOH7KHELJJHU\RXUHTXLW\ DQGVDYLQJV WKHEHWWHUWKHUDWH WKH ORZHU\RXUPRQWKO\UHSD\PHQWVWKHFKHDSHUWKHUHPRUWJDJH 7KHGL΍HUHQFHEHWZHHQDDQGPRUWJDJHLVKXJH WKHQWKHQH[WELJMXPSLVDW WKHQ CHAPTER 3 MoneySavingExpert.com 15 “Equity is equivalent to a deposit for someone buying DSURSHUW\ȋ MoneySavingExpert.com CHAPTER 3 16 Q. In the best buy tables it says ‘LTV’, not deposit — what does that mean? $ /79VWDQGVIRUWKHORDQWRYDOXHUDWLR /79 ZKLFKLVWKHSHUFHQWDJHRIWKH SURSHUW\YDOXH\RXȇUHORDQHGDVDPRUWJDJHΖQRWKHUZRUGVLWȇVWKHSURSRUWLRQWKDW \RXȇUHERUURZLQJ 7RFDOFXODWHWKLVVLPSO\VXEWUDFW\RXUHTXLW\DVDSHUFHQWDJHRIWKHSURSHUW\YDOXHIURP 6RLI\RXȇYHeHTXLW\LQDeKRPHWKDWȇVH΍HFWLYHO\DGHSRVLW PHDQLQJ\RXRZHȃVRWKH/79LV-XVWLQFDVH\RXȇUHVWUXJJOLQJKHUHȇVDQHDV\ WDEOHȐ LTV Equals deposit of                     LTV calculator 7KHUHDVRQLWȇVH[SUHVVHGWKLVZD\LVVRWKHVDPHWHUPVFDQEHXVHGIRUWKRVHJHWWLQJD ȴUVWPRUWJDJHDQGWKRVHZKRZDQWWRUHPRUWJDJH ΖWȇVZRUWKWKLQNLQJDERXW/79VIRUDPRPHQW7KH\ȇUHQRWMXVWD΍HFWHGE\WKHDPRXQW \RXSXWLQWRDKRXVHEXWDOVRE\KRXVHSULFHV7KLVLVFUXFLDOȃE\RZQLQJDKRXVH \RXȇYHLQYHVWHGLQDQDVVHWZKHUHWKHSULFHPRYHV $SUDFWLFDOH[DPSOH OHWȇVVD\ZKHQ\RXȴUVWERXJKW\RXKDGDeGHSRVLWRQD eKRXVHȃWKDWPHDQW\RXRZHGe DWWKHVWDUW7KDWȇVDQ/79RI  $IWHUDIHZ\HDUV\RXȇYHSDLGDOLWWOHR΍DQGQRZRZHe<RXȇUHUHDG\WR UHPRUWJDJHDQGWKHKRXVHȇVYDOXHLVWKHVDPHVR\RXU/79KDVEHFRPH <HWLIWKHKRXVHLVQRZDOVRZRUWKPRUHVD\eWKHQ\RXU/79LVDURXQG DVLWȇVeGLYLGHGE\ePXOWLSOLHGE\ 7KLVPHDQV\RXȇOOEHOLNHO\WRJHW DPXFKEHWWHUUHPRUWJDJHGHDO(TXDOO\LIWKHKRXVHȇVYDOXHKDGGURSSHGWRe \RXȇGQRZRZHPRUHWKDQLWȇVZRUWK ZKLFKLVFDOOHGQHJDWLYHHTXLW\ DQG\RXȇGEH XQDEOHWRUHPRUWJDJH CHAPTER 3 MoneySavingExpert.com 17 Q. Can you drop an LTV band? $ 7KHLPSDFWRIDORZHU/79FDQVDYH\RXDKXJHDPRXQWRIFDVK VHHWDEOH  7KHUHIRUHLI\RXȇUHFORVHWRDWKUHVKROG\RXVKRXOGVHHLI\RXFDQPRYHEHORZLWDVLWFDQ KDYHDKXJHLPSDFWRQ\RXUUHSD\PHQWV There are two ways to drop an LTV band:  7KHȴUVWRQHLVYHU\VLPSOHȃERUURZOHVV :RUNRXWKRZPXFKDGGLWLRQDOPRQH\\RXZRXOGQHHGWRSXWLQWRGURSWRDORZHU LQWHUHVWUDWHEDQGDQGVHHKRZPXFKLQWHUHVW\RXȇGEHVDYLQJ  *HW\RXUSURSHUW\YDOXHGKLJKHU :KHQ\RXDSSO\IRUDPRUWJDJH\RXQHHGWRJLYHDQHVWLPDWHRIWKHSURSHUW\ȇVFXUUHQW YDOXH<RXZDQWWRJHWWKHWRSYDOXHSRVVLEOHEXWLWQHHGVWREHUHDOLVWLFDVWKHOHQGHU ZLOOJHWDQLQGHSHQGHQWYDOXHUWRFKHFNLWODWHULQWKHSURFHVV Do some research 9DOXHUVGRQȇWMXVWDSOXFNDȴJXUHRXWWKHDLUDQGQHLWKHUVKRXOG\RX 8VHRXUIUHHKRXVHSULFHYDOXDWLRQVJXLGH www.moneysavingexpert.com/houseprices  WRORRNDWKRXVHVVLPLODUWR\RXUVWKDWKDYHVROGUHFHQWO\RUPD\EHHYHQDVNDIULHQGO\ HVWDWHDJHQWIRUWKHLURSLQLRQ" Equity 10% 20% 25% 40% ΖQWHUHVWUDWH       /RDQDPRXQW e e e e  0RQWKO\FRVW e e  e e 7RWDOFRVWRYHU\HDUV e e e e The effect of owning more of your home outright (equity) %DVHGRQWKHEHVWYDOXHWZR\HDUȴ[HGUDWHVDWWKHWLPHRISULQWLQJIRUDUHPRUWJDJHZLWKD house value of £150,000 on a capital repayment basis over a 25-year term. MoneySavingExpert.com CHAPTER 3 18 How to make sure the property is valued at least at your estimate %HIRUHWKHYDOXHUFRPHVRXWWR\RXUSURSHUW\WKHOHQGHUZLOOWHOOWKHPWKHYDOXDWLRQ ȴJXUH\RXȇYHJLYHQ6RWKLVZLOOOLNHO\LQȵXHQFHWKHLUH[SHFWDWLRQV ΖI\RXJHWWKHRSSRUWXQLW\EHDWWKHYDOXDWLRQ6RPHWLPHVWKLVLVQȇWDQRSWLRQDVWKH YDOXHUPLJKWMXVWORRNDWWKHH[WHULRUVR\RXZRQȇWEHJLYHQDQDSSRLQWPHQWWLPH 6RPHWLPHVWKH\GRQȇWHYHQDWWHQGWKHSURSHUW\EXWUHO\RQLQWHUQHWEDVHGV\VWHPVDQG WKHLUGDWDEDVH 7HOOWKHYDOXHUDERXWVLPLODUSURSHUWLHVWR\RXUVQHDUE\WKDWKDYHVROGIRUELJPRQH\ 9DOXHUVUHO\KHDYLO\RQWKHVHȆFRPSDULVRQVȇWRMXVWLI\WKHLUYDOXDWLRQDQGXVXDOO\NHHSD UHFRUGRIDWOHDVWWKUHHWRVXSSRUWWKHLUYDOXDWLRQȴJXUH3URSHUWLHVWKDWKDYHVROGFDUU\ DORWPRUHZHLJKWWKDQSURSHUWLHVWKDWDUHRQO\DGYHUWLVHG What if the property is valued at less than my estimate? ΖIWKHYDOXHFRPHVEDFNORZHUWKDQH[SHFWHGLWȇVRQO\DSUREOHPLILWSXVKHV\RXU/79 DERYHWKHPD[LPXPDOORZHGIRU\RXUSURGXFWΖIWKLVKDSSHQVWKHOHQGHULVOLNHO\WR R΍HU\RXDQDOWHUQDWLYHSURGXFW LILWKDVRQH EXW\RXVKRXOGUHFKHFN\RXUVXPVDQG VHHLIWKHUHLVDEHWWHUGHDOIRU\RXUQHZ/79-XVWEHFDXVHWKHOHQGHU\RXȇYHDSSOLHGWR LVJRRGIRURQH/79EDQGGRHVQȇWPHDQLWȇOOEHJRRGDWDQRWKHU What if the property is valued at more than my estimate? 1RWXQKHDUGRIEXWFHUWDLQO\UDUHUΖIWKHYDOXHLVKLJKHQRXJKLWFRXOGSXVK\RXLQWR DORZHUSULFHGSURGXFWEHFDXVH\RXȇYHGURSSHGDQ/79EDQG<RXPLJKWHYHQZDQW WRDSSURDFKDQRWKHUOHQGHUDVWKHOHQGHU\RXȇYHDSSOLHGWRPLJKWQRWEHWKHPRVW FRPSHWLWLYHO\SULFHGIRUWKDWEDQG ΖI\RXȴQG\RXUVHOILQWKLVSRVLWLRQGRQȇWFDQFHOWKHȴUVWDSSOLFDWLRQXQWLOWKHRWKHURQH LVLQWKHEDJ-XVWEHFDXVHOHQGHU$ȇVYDOXHUWKLQNVLWȇVZRUWKPRUHLWGRHVQȇWJXDUDQWHH OHQGHU%ȇVYDOXHUZLOODJUHH CHAPTER 4 MoneySavingExpert.com 19 Boost your chances of getting the best mortgage 7KHFROODSVHRIWKHKRXVLQJPDUNHWDQGKRPHEX\HUVȇLQDELOLW\WRNHHSXSZLWKWKHLU PRUWJDJHSD\PHQWVZHUHDPRQJWKHPDMRUWULJJHUVRIWKHZRUOGZLGHHFRQRPLF FULVLV1RWVXUSULVLQJO\OHQGHUVDUHQRZPRUHZDU\DERXWZKRWKH\JLYHORDQVWRDQG PRUWJDJHVDUHWKHELJJHVWORDQVWKH\PDNH7KHUHJXODWRULVHYHQPRUHZDU\DQG LQWHUYHQHGLQ$SULOE\OD\LQJGRZQVWULFWQHZUXOHVDERXWKRZOHQGHUVPXVWFKHFN DERUURZHUFDQD΍RUGWKHPRUWJDJH 7RJHWDJRRGUDWHZKHQ\RXUHPRUWJDJH\RXQRZQRWRQO\QHHGDGHFHQWFUHGLWVFRUH EXW\RXQHHGWREHDEOHWRSURYH\RXFDQFRSHZLWKDPRUWJDJHE\JLYLQJWKHOHQGHU UHDOGHWDLODERXW\RXULQFRPHDQG\RXUH[SHQGLWXUH ΖI\RXȇYHKDGVRPHȴQDQFLDOXSVDQGGRZQVVLQFH\RXODVWWRRNRXWDPRUWJDJH\RX QHHGWREHVXUH\RXUFUHGLWVFRUHLVVWLOOORRNLQJJRRG$VHDFKOHQGHUKDVLWVRZQ EHVSRNHFULWHULDWKLVLVPRUHDUWWKDQVFLHQFH7KLQNRILWOLNHDEHDXW\SDUDGHZKHUH \RXQHHGWRPDNH\RXUVHOIDVDWWUDFWLYHDVSRVVLEOHWROHQGHUVLQWKHKRSHWKH\ȇOOSLFN \RXRXWRIWKHOLQHXS 1RWHYHU\RQHZLOOYLHZ\RXWKHVDPHZD\EXWWKHUHDUHPDQ\WKLQJV\RXFDQGRWRVKDSH XSDQGVWDQGRXWWKDWDUHOLNHO\WRPDNHDELJGL΍HUHQFH/HWȇVUXQWKURXJKWKHPȐ Improve your credit score 7KLVLVQȇWDTXLFNȴ[VRPHRIWKHWHFKQLTXHVEHORZQHHGWREHGRQHPRQWKVEHIRUH 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score ΖI\RXKDYHDSRRUFUHGLWVFRUHLWWDNHVWLPHWRUHEXLOGLW3HUYHUVHO\RQHZD\WRGR WKDWLVWRJHWDFUHGLWFDUGDQGVSHQGRQLWHDFKPRQWK7KLVSURYHVWROHQGHUV\RXFDQ ERUURZUHVSRQVLEO\ <HWRQO\GRWKLVLI\RX$/:$<6UHSD\LQIXOOWRDYRLGLQWHUHVW)RUD\HDUSXWDERXWeD PRQWKRQLWEHIRUHFOHDULQJLWDQGLWVKRXOGKHOSΖI\RXUFUHGLWUDWLQJLVQȇWJRRGHQRXJKWR JHWDQRUPDOFDUGVHHwww.moneysavingexpert.com/badcreditIRUKRZWRJHWDFDUG • Time it right ΖVVXHVVXFKDVFRXQW\FRXUWMXGJPHQWVIRUXQSDLGELOOVDUHZLSHGIURP\RXUUHFRUGDIWHU VL[\HDUVVRZDLWIRUWKDWXQWLO\RXDSSO\$SSOLFDWLRQVRQO\VWD\RQ\RXUȴOHIRUD\HDU VRLI\RXȇYHDUDIWRIWKRVH HJORWVRIFUHGLWFDUGV WKHQZDLW • Don’t miss payments / pay late 6HWXSDGLUHFWGHELWWRPDNHDWOHDVWWKHPLQLPXPUHSD\PHQWRQFUHGLWFDUGVVR\RXȇUH QHYHUODWHDQGQHYHUPLVVDPRQWKΖWȇVDOZD\VEHWWHUWRUHSD\PRUHVRPDNHPDQXDO UHSD\PHQWVRQWRSZKHQ\RXFDQ • Keep other applications to a minimum in the months before a mortgage $SSOLFDWLRQVZKHWKHUVXFFHVVIXORUQRWJRRQ\RXUȴOHVRVSDFHRXWDSSO\LQJIRU DQ\WKLQJWKDWDGGVDIRRWSULQWWR\RXUȴOH LQFOXGLQJFDULQVXUDQFHDQGPRELOH SKRQHV 7KHZRUVWWKLQJLVDORWLQDVKRUWVSDFHRIWLPHDVLWPDNHV\RXORRN GHVSHUDWHIRUFUHGLW MoneySavingExpert.com CHAPTER 4 22 3ULRULWLVH\RXUPRUWJDJHLIWKDWȇVWKHPRVWLPSRUWDQWWKLQJDQGKROGRWKHUVR΍XQWLO \RXȇYHJRWLW • Never withdraw cash on a credit card 7KLVLVVSHFLȴFDOO\QRWHGRQ\RXUȴOHDQGLVIURZQHGXSRQDVLWȇVLQFUHGLEO\H[SHQVLYHDQG QRWDJRRGVLJQΖWORRNVOLNH\RXȇUHGHVSHUDWHIRUFDVKDQGFDQȇWOLYHZLWKLQ\RXUEXGJHW • Never apply after rejection $OZD\VFKHFNIRUHUURUVRQ\RXUFUHGLWȴOHVEHIRUHDSSO\LQJIRUDQ\WKLQJHOVHΖIQRW HYHQLI\RXȴ[DQHUURUODWHURQDOOWKHIRRWSULQWVIURPUHMHFWHGDSSOLFDWLRQVPD\NLERVK \RXUDELOLW\WRJDLQFUHGLWDQ\ZD\ Again, please remember, these are just the tip of the iceberg. For a full guide to boosting your credit score, go to www.moneysavingexpert.com/creditrating Proving affordability *RQHDUHWKHGD\VZKHQWKHOHQGHUZRXOGFKHFN\RXUFUHGLWVFRUHDQGLIDOOZDVZHOO VLPSO\PXOWLSO\\RXULQFRPHE\IRXUWRZRUNRXW\RXUPD[LPXPORDQVL]H1RZWKHUHȇV DORWPRUHGHWDLOWREHFKHFNHGDQGLI\RXZDQWWRERRVW\RXUFKDQFHVRIDFFHSWDQFH \RXVKRXOGORRNDW\RXUFLUFXPVWDQFHVWKURXJKDOHQGHUȇVH\HVDQGVHHLIDQ\SROLVKLQJ LVUHTXLUHG • You’ll need proof of income /HQGHUVPXVWQRZVHHHYLGHQFHRI\RXULQFRPH7KH\ȇUHDOVROLNHO\WRZDQWEDQN VWDWHPHQWVWRVHHWKDWWKHPRQH\JRLQJLQWR\RXUDFFRXQWDQGWKHRXWJRLQJV\RXȇYH GHVFULEHGPDWFKXS6RORRNXS\RXUODVWWKUHHPRQWKVȇZRUWKRISD\VOLSVDQGEDQN VWDWHPHQWVQRZ • Scrutinise your bank statements $UHWKHUHDQ\UHGȵDJVRQWKHUHWKDWZLOOFRQFHUQWKHOHQGHU"&KDUJHVIRUEHLQJ RYHUGUDZQRUXVHRIDQRYHUGUDIWIDFLOLW\FRXOGEHGHDOEUHDNHUV<RXȇUHJRLQJWRKDYHWR OLVW\RXURXWJRLQJVWRWKHOHQGHUΖWȇOOFKHFN\RXUOLVWDJDLQVW\RXUVWDWHPHQWVRWKH\QHHG WRWLHXS CHAPTER 4 MoneySavingExpert.com 23 • Be prepared to explain yourself ΖIWKHUHȇVVRPHWKLQJXQXVXDODOHQGHUZLOOQRWLFHKDYHDQH[SODQDWLRQUHDG\IRUWKH DSSOLFDWLRQUDWKHUWKDQZDLWLQJWREHDVNHGRUMXVWJHWWLQJUHIXVHGRXWRIKDQGΖI\RXȇYH DPRQWKO\VWDQGLQJRUGHUWR\RXUPXPIRUeWKHOHQGHUZLOOZDQWWRNQRZZKDW WKDWȇVIRU • Work out your disposable income :RUNRXWKRZPXFK\RXKDYHOHIWRYHUDWWKHHQGRIHDFKPRQWK7KHELJJHUWKLVȴJXUH LVWKHPRUHFRPIRUWDEOHWKHOHQGHUZLOOEHZLWK\RXUORDQDSSOLFDWLRQ • Give yourself a Money Makeover %RRVW\RXUGLVSRVDEOHLQFRPHE\PLQLPLVLQJH[SHQGLWXUHSUHIHUDEO\WKUHHPRQWKV LQDGYDQFHRIDQDSSOLFDWLRQVRLWȇOOVKRZFOHDUO\RQEDQNVWDWHPHQWV*RWKURXJK \RXUVWDWHPHQWVZLWKDȴQHWRRWKFRPEDQGVHHLIWKHUHDUHDQ\FRVWVWREHFXW RUXQQHFHVVDU\GLUHFWGHELWVRUVWDQGLQJRUGHUV\RXFDQVKHG6HHWKHIXOO0RQH\ 0DNHRYHU6DYLQJVFKHFNOLVWDWwww.moneysavingexpert.com/moneymakeover • ΖWȇVQRWȊFDQ\RXD΍RUGLWQRZ"ȋEXWȊFDQ\RXD΍RUGLWDW"ȋ /HQGHUVPXVWȆVWUHVVWHVWȇZKHWKHU\RXUPRUWJDJHLVD΍RUGDEOHLIUDWHVVKRRWXSWRRU HYHQ8VHRXUPRUWJDJHFDOFXODWRUDWwww.moneysavingexpert.com/comparerates WRZRUNRXWZKDWWKHKLJKHUSD\PHQWZRXOGEHDQGFKHFNLI\RXUGLVSRVDEOHLQFRPHZLOO FRPIRUWDEO\FRYHULW • Help! I don’t think I’ll be accepted now $΍RUGDELOLW\FKHFNVIRUQHZPRUWJDJHVPDNHVHQVHȃUHQWLQJLVQȇWDGLUW\ZRUG DQGLVDIDUEHWWHURSWLRQWKDQDQXQD΍RUGDEOHPRUWJDJHFDXVLQJQHJDWLYHHTXLW\ RUUHSRVVHVVLRQ<HWIRUWKRVHWU\LQJWRVZLWFKWRDFKHDSHUGHDODUHMHFWLRQGXHWR XQD΍RUGDELOLW\PD\OHDYHWKHPLPSULVRQHGRQWKHLUH[LVWLQJPRUHH[SHQVLYHGHDO /HQGHUVDUHDOORZHGWRZDLYHVRPHD΍RUGDELOLW\UXOHVLI\RXȇUHQRWLQFUHDVLQJ\RXUGHEW EHZDUHLI\RXȇUHORRNLQJIRUPRUH EXWWKH\GRQȇWKDYHWRDQGHDUO\HYLGHQFHVXJJHVWV WKDWPRVWZRQȇW6SHDNWRDEURNHUIRUDGYLFHDQGVHHLI\RXUH[LVWLQJOHQGHUFDQR΍HU \RXDQRWKHUGHDO Warning! &XUUHQWO\OHQGHUVFDQZDLYHWKHVHUXOHV%XWQHZ(8PRUWJDJHUXOHVPD\ PDNHWKLVLPSRVVLEOHDQGFUHDWHPDQ\PRUHPRUWJDJHSULVRQHUV6HHMartin’s blog MoneySavingExpert.com CHAPTER 4 24 More tips to boost acceptance chances • An extra £100 can secure a mortgage 5HGXFLQJWKHDPRXQW\RXQHHGWRERUURZZLWKMXVWFDQERRVW\RXUDFFHSWDELOLW\RU DWOHDVWFXWWKHDPRXQWRIGRFXPHQWDWLRQWKHOHQGHUZDQWVWRVHH )RUH[DPSOHLI\RXDUHDSSO\LQJIRUDPD[LPXP/79ORDQRQDeSURSHUW\ DQG\RXUHTXLW\LVeVHHLI\RXFDQSXWGRZQDQH[WUDe7KDWH[WUDRQ \RXUȆGHSRVLWȇFRXOGVHH\RXVSHHGXSDQGHDVHWKHDSSOLFDWLRQSURFHVV • Stay out of your overdraft ΖI\RXȇUHFRQVWDQWO\XVLQJ\RXURYHUGUDIWWKLVFRXOGEHVHHQDVOLYLQJFORVHWRWKHHGJHRI \RXUȴQDQFHVVRDYRLGLWLISRVVLEOHΖQIDFWVRPHOHQGHUVPD\QRWWROHUDWH\RXEHLQJLQ \RXURYHUGUDIWDWDOOLQWKHSUHYLRXVWKUHHPRQWKVΖI\RXȇUHXVLQJ\RXURYHUGUDIWVHHLI \RXFDQVKLIWLWWRDPRQH\WUDQVIHUFUHGLWFDUGLQVWHDG VHHRXUJXLGH  www.moneysavingexpert.com/moneytransfers  • Avoid payday loans like the plague 1RWMXVWEHFDXVHWKHLUUDWHVRILQWHUHVWDUHKLGHRXVEXWEHFDXVHVRPHOHQGHUVZLOO VLPSO\UHMHFWDQ\RQHZKRȇVJRWVXFKDORDQDVLWLQGLFDWHVSRRUPRQH\PDQDJHPHQW ΖI\RXȇYHKDGDKLVWRU\ZLWKSD\GD\ORDQVRUSUREOHPVZLWKWKHPVHH www.moneysavingexpert.com/payday • Close unused credit cards ΖI\RXȇYHORWVRIXQXVHGFUHGLWDYDLODEOHWKLVFDQEHVHHQDVDQHJDWLYHDV\RXFRXOG ERUURZODUJHDPRXQWVRQDZKLPZLWKRXWSDVVLQJDIXUWKHUFUHGLWFKHFN(YHQLI \RXȇYHSDLGDQROGFDUGR΍DQGVWRSSHGXVLQJLWLWȇOOVWLOOVKRZXSDVDFWLYH DVDYDLODEOH FUHGLW XQOHVV\RXFRQWDFWWKHFDUGFRPSDQ\DQGVKXWLWGRZQ%XWMXVWWRFRQIXVH PDWWHUVWKHUHFDQEHFLUFXPVWDQFHV VXFKDVVKXWWLQJDORQJVWDQGLQJDFFRXQWZLWKDQ XQEOHPLVKHGKLVWRU\ ZKHUHFORVLQJFDUGVFRXOGEHVHHQDVQHJDWLYH)RUPRUHGHWDLOVWR KHOS\RXGHFLGHVHHwww.moneysavingexpert.com/closeoldcards CHAPTER 4 MoneySavingExpert.com 25 What paperwork will I need? %HIRUH\RXVWDUWWKHDSSOLFDWLRQSURFHVVJDWKHUHYHU\WKLQJ\RXFRXOGSRVVLEO\QHHG 'RXEOHFKHFNZLWKDOHQGHURUEURNHUDVHDUO\DVSRVVLEOHVR\RXGRQȇWZDVWHDQ\WLPHLQ WKHDSSOLFDWLRQSURFHVVZKLOHZDLWLQJIRUNH\SDSHUZRUNWRDUULYH <RXW\SLFDOO\QHHG ȏ 3URRIRILQFRPH RIWHQ\RXUODVWWKUHHPRQWKVȇSD\VOLSVRUWZRWRWKUHH\HDUVȇ DFFRXQWVLI\RXȇUHVHOIHPSOR\HG  ȏ /DVWWKUHHPRQWKVȇEDQNVWDWHPHQWV ȏ 3URRIRIERQXVHVFRPPLVVLRQ ȏ <RXUODWHVW3WD[IRUP VKRZLQJ\RXULQFRPHDQGWD[SDLGIURPHDFKWD[\HDU  ȏ 6$WD[UHWXUQIRUPVPDLQO\IRUWKHVHOIHPSOR\HG7KHVHDUHFRSLHVRI\RXUVHOI uploads/Philosophie/ remortgage-guide-2015.pdf

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