The process is similar to regular remortgaging but may involve additional considerations for single parents:
Equity review: Start by checking how much equity you have in your home.
Affordability check: Lenders will assess your income, outgoings, and any changes to your circumstances since the initial mortgage.
Research rates: Look for better interest rates or more suitable mortgage products.
Seek advice: Consult a mortgage broker who can provide advice tailored to your situation as a single parent.
Application: Apply either with your current lender or a new one. Ensure you have all necessary documents, including proof of income.
Legal process: Once approved, there's usually a legal process to transfer the mortgage, similar to the initial mortgage process.
Explore mortgages for single parents. Turn your dream of homeownership into a reality with this useful guide to single-parent mortgages.