Overview of Renew My Mortgage

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Overview of Renew My Mortgage

Craig Skelton from Renew My Mortgage joins the Remortgage podcast to introduce this new online tool and give an overview of how it works.

What is Renew My Mortgage and how does it work?

It’s basically a tool to help people remortgage. Say you’re on an existing two-year deal and the initial rate is coming to an end. You need to remortgage, and Renew My Mortgage is there to make it easy.

You just go onto the website and complete an online enquiry form. You’re then allocated a dedicated mortgage broker – who is a real person. They will source you a new mortgage deal that meets your requirements. Renew My Mortgage takes the stress out of remortgaging. Clients complete part of the process themselves in their own time, but they’ve got peace of mind because they’re still dealing with a trusted mortgage broker throughout the whole process.

What are the steps involved?

Renew My Mortgage is aimed solely at clients looking to remortgage. The Renew My Mortgage website is full of videos, hints and tips, frequently asked questions and more, all about remortgaging.

First of all there’s useful information about what remortgaging is, to help you complete a basic enquiry form. That form is then received by your dedicated mortgage broker, who invites you to the client portal. The interaction between you and the mortgage broker is virtual, all done through this secure portal.

You can access the portal 24 hours a day, seven days a week. You can access all the details and upload any required documents the same way – your payslips, bank statements etc.

The broker is there to help with any questions, and once you have completed the enquiry form they go away to do the sourcing and come back with a recommendation based on your circumstances.

Is the online tool and website easy to navigate?

Definitely. We listen to what clients say and what their needs are from the website. We’ve sought people’s feedback in developing the tool and trying to make it as easy as possible to navigate and use.

A lot of the time people don’t remortgage. They don’t understand the process, and end up going onto their lenders’ standard variable rate or SVR, which is definitely not the cheapest option.

The idea with Renew My Mortgage is to make it simple and stress-free for clients and help them understand every step of the process. That includes how long things take, what to expect and why different things are needed.

What we’re trying to do is educate clients at the same time as helping them with the remortgage and hopefully saving them money.

What costs are involved?

The good news from a client point of view is that there are no fees. The only cost is their own time: filling in the enquiry form. But you can do that in the comfort of your own home. You can partly fill it in, save it and come back to it later. You can message the broker with questions too.

Should I prepare anything in advance of completing the form?

With a remortgage, most lenders will just require your most recent payslip or most recent bank statement. You add these online via the upload facility in the portal. The only person that sees those is your Mortgage Broker.

You’re uploading your documents – it’s all secure. Your broker will get your bank statement and if they need it, they have it to hand to pass to a lender. If they don’t need it based on your circumstances, then nobody else will see it.

Why should I use Renew My Mortgage?

The big thing with Renew My Mortgage is that it’s geared completely at remortgaging. Many people worry that remortgaging is complicated and will be as stressful as when they originally bought the house.

The good news is that remortgaging is not stressful whatsoever. With Renew My Mortgage you’re getting the best of both worlds – you’re completing your own enquiry form, you’re uploading the documents yourself, you’ve got access to your own portal so you can do things in your own time. Yet behind the scenes you’re working with a real-life, trusted Mortgage Broker who is going to source you the best mortgage deal based on your circumstances, your preferences and your needs. You’re accessing the knowledge and experience of a qualified professional. Take a look for yourself and see how easy it can be.