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Hypothetical remortgage scenarios

These hypothetical situations are for education. They describe possible questions for an adviser and do not report customer experiences or completed mortgages. They are not personal advice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Hypothetical scenario

A fixed-rate deal approaching its end

Suppose a two-income household wants to review options before its fixed-rate mortgage ends.

Assumed starting position

  • The household would like to understand the payment after the current deal ends.
  • Assume payments are up to date and no additional borrowing is requested.
  • The household wants to consider its current lender alongside other lenders.

Possible adviser considerations

  • An adviser could compare product-transfer and remortgage options available for the circumstances.
  • The discussion could include fees, monthly payments, legal work and the timing of any change.
  • The household would need to check the terms of any offer before deciding whether to proceed.

Possible outcomes to discuss

A product transfer, a remortgage or staying on the existing arrangement might be considered. No application, offer or completed change is assumed in this scenario.

Hypothetical scenario

Self-employed income that varies between years

Suppose a sole trader is considering a remortgage after income has varied between tax years.

Assumed starting position

  • The applicant may have recent tax calculations and business bank statements to discuss.
  • The property value, mortgage balance and lender valuation would need to be confirmed.
  • Assume the applicant wants to keep borrowing broadly the same.

Possible adviser considerations

  • An adviser could discuss how lenders might review the available trading records.
  • The applicant might need to prepare further documents or explain changes in income.
  • Any cost comparison would need to include fees as well as monthly payments.

Possible outcomes to discuss

A lender could request more information, decline an application or make an offer subject to its checks. No lender acceptance or mortgage completion is assumed.

Hypothetical scenario

Home improvements and a request for extra borrowing

Suppose a homeowner wants to explore borrowing more for planned property improvements.

Assumed starting position

  • Assume existing payments are up to date and the homeowner wants to increase the mortgage balance.
  • The discussion would need to cover income, commitments, the property and the purpose of the funds.
  • The homeowner would also need to consider monthly payments and the total cost over the term.

Possible adviser considerations

  • An adviser could discuss the request alongside affordability and lender criteria.
  • The homeowner might reconsider the amount or timing after reviewing possible costs.
  • Any application could require updated documents and evidence about the planned improvements.

Possible outcomes to discuss

Additional borrowing might be unavailable, available for a different amount or offered subject to further checks. No borrowing or completed remortgage is assumed.

Important: These examples are illustrative. Mortgage availability, costs and timescales depend on your circumstances, lender criteria, property valuation and the products available when you apply.

Suggested next steps

Related calculators and guides

Hypothetical remortgage scenariosCompare hypothetical situations and possible remortgage considerations.Use the remortgage calculatorCompare current and possible new payment scenarios.Check overpayment impactEstimate how overpayments could affect term and interest.

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