Homeowners may be shocked when they encounter new rules are in place for gaining approval for a remortgage.  The new Mortgage Market Review (MMR) has been well covered in the news and while it applies to both mortgages and remortgages, a large percentage of the information out there is in relation to new home buyers and not those seeking a new term on their mortgage debt with a remortgage.  So be warned, the longer process, the more detailed information that is needed to be shared with lenders, the deeper scrutiny into personal spending and saving habits will all be faced by homeowners and not just first time buyers.  This will occur each time a homeowner moves home or seeks a remortgage.

Rather than being burdened by the new rulings, it is a better outlook to take on that the process is in place to assist a homeowner in making sure they can afford the remortgage they are seeking.  The deeper look into a borrower’s personal spending and saving habits in relation to their net income is an important step toward making mortgage borrowing responsible for everyone.

Planning ahead and preparing can be helpful.  When making an appointment with a lender they will inform the homeowner of the necessary paperwork that will be required.  By gathering the information and having it on hand it will make the process smoother.  Those seeking more in depth assistance could be helped along by using a remortgage broker.  They are experienced in working with various lenders and will be ready to put the new MMR guidelines in place for their clients while knowing how to get them through the process toward their goal of a new remortgage deal as smoothly as possible.