Get your affairs in order to make the process as smooth as possible

Ensure you are set on refinancing before embarking on any applications, as any applications for new credit products, including mortgages, affect your credit rating. Ensure your existing mortgage is healthy with no recent missed repayments that could affect your ability to refinance.

You should also compile a list of credit cards and other debts, such as personal loans, that will affect your borrowing capacity. Remember the hoops you needed to jump through to achieve your initial loan, as you will find yourself undertaking a very similar process. Consider obtaining a copy of your personal credit file, and make sure all taxes and bills have been paid. Tax returns and accounts need to be up to date as well. Find out from your lender which documentation will be required and have it all ready to go.


This article is from
Property Observer's free ebook Mastering the Art of Refinancing: 12 tips for success and key things to consider.

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