Step 1: Check Your Finances

• Review income, expenses, and debts.

• Check your credit score (via Experian, Equifax, TransUnion).
  

✅ Tip: Improve your score — pay down credit cards, stay below 30% credit usage, register on the electoral roll.

Step 2: Set a Realistic Budget

• Use calculators from sites like MoneySavingExpert or Habito.

• Remember to include:

  • Deposit (minimum 5–10%)

  • Stamp duty (first-time buyers pay less or none)

  • Solicitor fees, surveys, insurance, moving costs
    

✅ Tip: Leave a cash buffer! Unexpected costs pop up.

Step 3: Explore Mortgage Options

• Mortgage in Principle (Agreement in Principle) can strengthen your offer to sellers.

• Compare lenders — banks, building societies, brokers.
  

✅ Tip: Free brokers like Habito or Trussle can find hidden deals, including online-only lenders.

Step 4: Save for a Deposit

• Help to Buy ISA (closed to new applicants but still valid if open) or Lifetime ISA (LISA) give 25% government bonus on savings.

• Some employers offer "save to buy" schemes via salary sacrifice.
  

✅ Tip: A bigger deposit = lower interest rates.

Step 5: Research Government Schemes

• First Homes Scheme (30%-50% discount for key workers and first-time buyers)

• Shared Ownership (buy part, rent part)

• Mortgage Guarantee Scheme (95% mortgages)
  

✅ Tip: Some new-build developers offer deposit contributions too.

Step 6: Start Viewing Properties

• Look on Rightmove, Zoopla, OnTheMarket.

• Visit properties at different times of day (noise levels, traffic, lighting).
  

✅ Tip: Always get a full homebuyers' survey to spot hidden issues.

Step 7: Make an Offer & Apply for Mortgage

• Negotiate! Even 5–10k off asking price can save £££.

• Once accepted, finalise mortgage application, solicitor will handle paperwork.
  

✅ Tip: Stay organised — delays = risk of losing the property.

Step 1: Know When Your Deal Ends

• If you're nearing the end of a fixed rate or introductory deal, start shopping 6 months early.

• Standard Variable Rates (SVRs) are often 2–5% higher — don’t roll onto them!
  

Step 2: Check Your Early Repayment Charges

• Some mortgages have exit fees or penalties.

• Check your paperwork or ask your lender.
  

Step 3: Compare New Deals

• Look at:

  • Fixed-rate deals (2, 3, 5, 10 years)

  • Tracker mortgages (move with the Bank of England rate)

  • Offset mortgages (link savings to reduce interest)
    

✅ Tip: Use a whole-of-market broker to spot hidden gems.

Step 4: Get a New Mortgage Offer

• If your home’s value has gone up, you might qualify for lower LTV (Loan-to-Value) deals = better rates.
  

✅ Tip: Even staying with the same lender ("product transfer") might save money without needing a full application.

Step 5: Avoid Unnecessary Fees

• Watch for:

  • Arrangement fees

  • Valuation fees

  • Legal fees (some remortgage deals cover these)
    

✅ Tip: A slightly higher interest rate with no fees can be cheaper overall than a lower rate + big fees.

Things to Be Aware Of

• Early repayment penalties: Can cost thousands if you break your deal early.

• Arrangement fees: Check if fees outweigh the benefit of a lower rate.

• Overpaying limits: Many lenders allow 10% annual overpayment without penalties.

• Credit checks: Too many applications hurt your score — use soft searches when shopping around.

• Survey importance: Always get at least a Homebuyer’s Report to avoid nasty surprises.
  

Summary

Whether you’re buying your first home or looking to remortgage and save money, planning ahead is key. UK employees should clean up their credit, know their options, use comparison tools, and lean on free mortgage brokers to find the best deals.

Re-mortgaging a few months before your fixed term ends could save you hundreds per month.

Meanwhile, government schemes, special mortgages (like offset or shared ownership), and employee help-to-buy schemes can all make getting on the ladder more achievable.


Types of re-mortgage table: