New Build Remortgage

Can I be declined a remortgage on my new property? Why would this happen?

Adverse credit is probably one of the main reasons why you could be declined. It highlights the importance of speaking to an advisor. We know what lenders are looking for and we know their criteria around credit mishaps, missed payments, defaults etc.

Another cause of being declined could be that the property is downvalued, which could affect the Loan to Value. It could also be around construction type. With new builds, there can be various construction methods that some lenders may not be happy with.

We’ve got good relationships with lenders and can speak directly with underwriters to find out whether your case will be accepted before we apply.

How can I better my chances of a good remortgage?

Keeping a clean credit file is very important. That means meeting your payments and your commitments on time.

A lot of clients think their credit score means they’ve got clean credit, but in fact they have some late payments on their account. The lender is more concerned about your conduct than your actual credit rating.

As soon as something’s on that file, it can cause problems. There are always options and ways around it, but it’s best to keep a clean file for the best chances possible.

Keeping the property in good condition also helps support the valuation for the remortgage. Sometimes a valuation isn’t done in person – they can be done remotely – but often a valuer will pay you a visit. Keeping the property in good order and making it look presentable will help you in terms of the value for the remortgage.

Consistency of your income is always helpful too. If you’re self-employed, having at least two years’ tax returns will give you more options. We can still help if you only have one year, but more evidence is always better than less.

Large debts can sometimes cause problems with remortgaging, depending on the situation. You can, of course, consolidate debts within the mortgage if that’s justified. Certainly some lenders will look at that favourably.

Then there are small things like gambling evidence. You probably wouldn’t think about it, but if you place bets now and again and lenders see some sort of habit, that can cause concern.

The main thing is living within your means. Make sure you’re meeting your commitments without overstretching yourself.

What are the benefits of remortgaging?

One of the main benefits of remortgaging is to keep control of your monthly payments. At the end of a two, three or five-year fixed rate, you’ll go on to the lender’s standard variable rate, which is always higher than you’ve been paying. That’s a big reason to review your options.

Obviously, clients’ circumstances change, and that’s where a good advisor comes into play. We can establish if there are any changes to your income and expenditure. Reducing the term of your mortgage could also be relevant, as well, to save you money overall.

You may want to capital-raise to extend the property. There are all sorts of benefits to remortgaging. We mentioned Help to Buy earlier, and although the scheme is closed to new borrowers, a lot of people still have these equity loans. They might now be in a position to pay off the equity loan by adding it to their mortgage borrowing.

It all boils down to the customer’s situation and us giving the appropriate advice.

You’ve both demonstrated this already, but how can a mortgage broker help?

Consulting a mortgage broker early on is advisable in every case. We can secure a product with a lender often six months before your current deal expires. We then monitor and track rates for you, switching products or lenders.

If you’re staying with your current lender, they’re not motivated to do that for you – you’d have to keep contacting them.

We can also advise you on better ways of structuring your mortgage – raising more funds, reducing your term or choosing a product that’s better suited to your circumstances. We offer tailored guidance on becoming mortgage-free sooner.

We’ll match your circumstances to a lender and have the knowledge to achieve things you couldn’t achieve by just looking at a single provider. Ultimately, we save you time, hassle and the need to make multiple calls to different lenders, by checking all the options for you.

We’ve got knowledge of the market, we know what lenders look for and what their criteria are.

If you have less than perfect credit, we know who to approach. Customers often think that their credit is worse than it really is – and after reviewing everything, things might not be as you imagine. That’s where a good advisor comes into play.

Key Takeaways:

• Begin reviewing remortgage options at least six months before your initial fixed-rate period ends to avoid automatically moving onto the lender’s significantly higher standard variable rate.
• Reasons for remortgaging include keeping control of monthly payments, raising additional capital for things like home improvements, or paying off a Help to Buy equity loan.
• If you cannot prove your current income – for example, if you’ve recently become self-employed – a product transfer with your existing lender is a better option, as remortgaging to a new lender requires proving income for affordability checks.
• To better your chances for a good remortgage, maintain a clean credit file by meeting payments on time, keep the property in good condition to support the valuation, and ensure consistency of income, such as having at least two years of tax returns if self-employed.
• Consulting a mortgage broker early is advisable in every case, as they can monitor and track rates, structure the mortgage to better suit your circumstances, and use their market knowledge to secure a deal even if you have less than perfect credit.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 13/04/2026.