Remortgage Requirements: What You Need to Know Before You Refinance

When you remortgage, the process of switching your existing mortgage to a new deal, often with a different lender. Also known as refinancing, it’s not just about getting a lower rate—it’s about restructuring your debt to save money, access cash, or change terms. But you can’t just walk in and get approved. Lenders have clear remortgage requirements, the set of conditions you must meet to qualify for a new mortgage on a property you already own. These aren’t arbitrary rules—they’re safeguards for both you and the lender.

First up: your credit score, a three-digit number that tells lenders how reliably you’ve paid back debt in the past. Most UK lenders want at least a 620, but the better your score—say, 700 or above—the more deals you’ll qualify for and the lower your interest rate will be. A recent missed payment or high credit card balance can tank your chances. Second: your loan-to-value ratio, the percentage of your home’s value that you still owe. If you’ve paid down your mortgage or your house has gone up in value, you’ve built equity. Lenders typically want you to have at least 20% equity—meaning you’ve paid off 80% of your home’s value. If you owe 90% of the value, you’re a higher risk. Third: your income, the steady money you bring in each month. Lenders don’t just look at your salary—they check your debt-to-income ratio. If your monthly debts (car loans, credit cards, etc.) eat up more than 40% of your income, they’ll say no. Even if you’ve got great credit and equity, too much existing debt can block you.

There are other things too. The age of your home matters—some lenders won’t touch properties over 80 years old. Your job stability counts. If you’re self-employed, you’ll need at least two years of accounts. And yes, there are fees: valuation costs, legal fees, arrangement fees. You can’t just ignore those. You need to know if the savings from a lower rate actually outweigh the upfront cost. That’s why many people wait until they’re close to the end of their current deal—when early repayment charges have dropped or disappeared.

And here’s the thing: remortgaging isn’t always about saving money. Sometimes it’s about getting cash out—like when you need money for home repairs, medical bills, or helping family. But that’s risky. The more you borrow against your home, the more you put at risk. That’s why understanding your remortgage requirements isn’t just paperwork—it’s protection. You’re not just applying for a loan. You’re making a long-term decision about your biggest asset.

Below, you’ll find real advice from people who’ve been through it—what worked, what didn’t, and the hidden traps most overlook. Whether you’re looking to lower your payments, tap into equity, or just get out of a bad deal, the posts here give you the facts without the fluff.