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Remortgaging and follow-on mortgage advice — Mortgage adviser — Professionals
Providers should identify the existing terms and the precise refinancing route before advising. Separate follow-on product review, lender change and additional borrowing, explaining which activities and costs are within the engagement.
Service scope
Advice on reviewing an existing mortgage when considering a new arrangement, lender or follow-on deal. Catalogue labels may include both changing lender and continuing with the existing lender, so the intended transaction must be identified before scoping work.
What is normally included
- Existing-mortgage review
- Comparison of refinancing routes
- Agreed remortgage application support
What is not included
- Automatic recommendation to switch
- Guaranteed savings
- Assumed absence of early-exit or transaction costs
Qualification checks
- Review existing terms securely
- Establish relevant dates
- Clarify switching or continuation
- Identify additional-borrowing requests
- Define advice and application responsibilities
Quote guidance
Separate adviser fees from lender and transaction costs. State assumptions about legal work, valuation and application stages, and avoid a guaranteed savings figure before the existing arrangement and new options have been assessed.
Lead risks
- The client may not have current mortgage documents
- Additional borrowing can expand scope
- Time left on an existing deal may be misunderstood
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