The key stages below outline the process involved in remortgaging a property.
- Ascertain the loan amount you require
If you are looking to swap your mortgage to another provider to save money by getting a lower rate then you will need to find out from your current lender how much is outstanding. It is also a good idea to confirm that you will not be expected to pay an Early Redemption Charge or ‘ERC’. If you are still paying the introductory rate with your current lender then it is likely that an ERC will be payable. Think carefully before paying this fee just to move the mortgage to another provider, this may reduce your monthly payments but the increase in the loan amount may cost you more in the long run.
- Think carefully before increasing your loan amount to pay off other credit
Take time to consider the effect of adding any current credit you have to your mortgage. In some circumstances, it is beneficial to repay current credit by increasing your mortgage loan. Your mortgage adviser will be able to help you decide whether it is a good idea to raise money by increasing your mortgage to repay current debts.
- Make a Note of Your Personal Details
When you have found a mortgage adviser that you would like to help you find the best product to suit your requirements, the first thing they will need to do is collect information about your personal circumstances. It will speed this process up if you have information to hand regarding all applicants’ address history, income details, a breakdown of your current monthly outgoings and details relating to any existing credit you may have. It is important that you are as open and accurate as possible with all information you give to your adviser. This process is referred to as the ‘Fact Finding’ process.
- Inform your Adviser of Your Requirements and agree on a mortgage lender and product
Tell your adviser about any preferences you have in regards to your new mortgage. I.e. if you want to be able to make overpayments or take payment holidays, or if you want to fix your rate for a certain amount of time.
- Submission of Application to Lender
Once you have agreed a mortgage product, and you have provided all the necessary documents such as identification and proof of address, your adviser will submit an application to the Lender on your behalf.
- Choose a Solicitor
As with purchasing a new property, a re-mortgage will require you to appoint a solicitor to act for you and the lender. If you don’t already have a solicitor, we can introduce you to one. Many lenders will offer to pay for your conveyancing as an incentive for choosing them
- Valuation, Confirmation of Details Provided
Once the Lender receives your application, they will carry out various checks and almost certainly carry out a Valuation Report on the property to be mortgaged. Although you will receive a copy of this Valuation Report, it is mainly for the Lender’s benefit. You may be required to pay for this report upfront but more and more lenders are now offering a free valuation as an incentive for choosing their products.
- Mortgage Offer
Once the Lender has carried out all necessary checks and has fully approved your application, they will issue a formal ‘Mortgage Offer’. Once you have accepted this offer, both you and the Lender will be legally bound by its terms. It is likely that there will be set conditions that you must satisfy before the Lender will release the mortgage funds to your Solicitor for completion. An example of a condition would be that you must always have a valid Buildings Insurance Policy with a sufficient sum assured.
- Conveyancing and Completion
Once the lender has issued the Mortgage Offer, a copy will be sent to you, your mortgage adviser and your solicitor. Your solicitor will follow the instructions in this offer and set a completion date. This process will usually take around 1 week depending on the lender and conveyancing firm. Once the file is ready for completion and the new lender has released funds to your solicitor, they will settle your current mortgage and any extra funds being raised will be sent back to yourselves.
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