A lot of people try to handle a remortgage on their own because, on the surface, it looks simple. Your deal ends, you compare a few rates online, and you move on.
That is completely understandable. Most people want to save time and avoid involving yet another person in the process. But over the years, I have seen the same remortgage mistakes crop up again and again when people try to go it alone.
This blog is not about telling anyone off. It is simply an honest look at the biggest pitfalls I see as a mortgage advisor, so you can avoid unnecessary stress, delays, and extra cost. This is exactly the sort of thing I help with day to day through my remortgage advice in Essex.
Why Remortgaging Looks Simple But Often Is Not
Most people see remortgaging as a straightforward process. Their fixed rate ends, so they find a new one.
Behind the scenes, there are far more moving parts. Lender criteria changes regularly, fees vary widely, timing matters, circumstances change, credit files are not always as clean as expected, and affordability is assessed differently by each lender.
This is why some remortgages go through smoothly, while others quickly become stressful.
Mistake One Not Starting Early Enough
Many people only start looking at their remortgage a few weeks before their deal ends. If anything slows the process down, this can leave very little room to manoeuvre and can result in falling onto the lender’s standard variable rate.
In most cases, remortgages can be started around six months before the current deal ends. Planning early gives more choice, less pressure, and time to deal with any issues properly.
Mistake Two Focusing Only On The Headline Rate
A common mistake is sorting comparison tables by the lowest rate and stopping there.
High product fees, particularly when added to the loan, can make a cheaper rate more expensive overall. I always compare deals over the full fixed term so the true cost is clear.
Mistake Three Applying To The Wrong Lender For Your Situation
Different lenders view the same case very differently. This is especially true for self-employed applicants, those with complex income, or anyone with past credit blips.
Applying to the wrong lender first can lead to an avoidable decline, which can then limit your options elsewhere.
Mistake Four Forgetting About Your Credit File And Bank Statements
Some people apply based on what they think their credit history looks like, only to be caught out by old missed payments, defaults, or reporting errors.
Bank statements also matter more than many people expect. Day to day behaviour such as overdraft use or missed direct debits can raise questions.
Mistake Five Not Considering A Product Transfer At All
Some people assume moving lender must always be the best option.
In reality, a product transfer with your existing lender can sometimes offer better value once fees and legal costs are taken into account, and it is often a simpler process.
Mistake Six Leaving It Until The Lender Writes To You
Many people only think about their options once their lender sends a renewal letter.
By then, it is easy to rush a decision or simply accept what is offered without properly comparing it to the wider market.
Mistake Seven Not Allowing For Changes In Your Life
Some people choose a deal purely based on today’s rate, without thinking about future plans.
Moving home, changing jobs, or starting a family can all affect how suitable a mortgage is. Flexibility and overpayment options often matter more than people realise.
How I Help Clients Avoid These Remortgage Mistakes
When someone comes to me, the first thing I do is understand the full picture. That includes your current mortgage, your credit position, your income, and your plans for the next few years.
I compare remortgages and product transfers side by side, looking at rates, fees, timing, and flexibility. I also deal directly with lenders and underwriters, and monitor rates right through to completion.
One Final Point While You Are Reviewing Your Mortgage
One thing I always raise when someone is remortgaging is protection. When you are already reviewing your mortgage, income and outgoings, this is often the best time to look at life assurance, income protection, or serious illness cover if you do not already have it in place.
If you already have cover, it is still worth reviewing it properly. Policies that were taken out years ago may no longer match your mortgage balance, your income, or your family situation. In some cases, people are paying for cover that no longer fits what they actually need.
I see the mortgage and protection side together. The aim is to make sure that if something unexpected happens, your home and your family are properly protected, not just that you have the right rate on your mortgage. When handled together, it often leads to clearer decisions and better overall peace of mind.
I work with clients across Essex and the South East. If your fixed rate is ending and you are thinking about handling it yourself, it is worth having a conversation first. Clear advice early on usually leads to better outcomes.
If you would like me to look at your remortgage and do the hard work for you, get in touch and let me help.
