Many lenders will set criteria that you will have to meet before you are accepted for the remortgage process. Although most lenders vary according to what they permit as eligible for a mortgage loan, some general things they will take into consideration include:
- Your age (average minimum age of 18 and maximum of 70).
- You current income and how stable your cash flow is. They may also ask for documentation to prove that you are receiving regular payments.
- How much you are looking to borrow.
- The value of your property.
If you are looking to remortgage for bad debt consolidation, there are a few tips we recommend that you can do to avoid skyrocketing costs:
- Speak to a mortgage broker about the best course of action.
- Do your homework and research each individual mortgage type, considering variables such as interest rates, application fees and early repayment charges.
- Shop around and compare mortgage deals for a number of different providers. Comparing mortgage deals is advisable as it can help you to find a mortgage deal that most suits your needs.