Remortgages

Many of us are looking for a better mortgage deal, or would like to release some of the equity in our home however the process is often not as easy as it first appears. So what do you need to know before you seriously consider remortgaging?

Where to Start

The first step is to contact us and we can advise you on the best remortgaging options.

We will work with you to check the terms and conditions of your existing mortgage. These will explain whether you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or staying with your existing lender until the penalties have expired.

How do I apply?

We will of course guide you through the whole remortgaging process, this will include:

• An early repayment statement will be needed from your existing lender telling you how much you owe.
• An application form from your new lender will need to be completed, along with details of your income and proof of your identity.
• Your new lender values your home.
• Subject to all the paperwork being satisfactory, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you.
• Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan.

How long does it take?

The whole process should take about a month to complete however this may vary from customer to customer. Once you have received a completion statement from your solicitor or new lender, the process has finished and your new mortgage is in place.