In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender.
As a current homeowner you may want to consider taking this step for a number of reasons, such as to save money, raise money, consolidate debts or avoid moving home.
We can guide you through the process and introduce you to reputable independent financial advisers and financial authorities who can help you make the right choice for you.
The lender will require a valuation to ensure the value of your property is sufficient for them to lend on.
You'll be required to make an application in the same way as when buying a property. The application has to be underwritten by the lender, who will require evidence that the loan/mortgage to date has been maintained. They'll then issue you with an offer. This is when we can do the conveyancing work.
During the conveyancing process, local searches will be conducted and a report and title will be sent to the new lender. Finally, we will ensure your previous lender is repaid when the new lender releases the new mortgage funds. If you're borrowing additional funds, we will release these to you on, or shortly after, completion.
Is this more expensive than moving?
The legal fees and legal process for remortgaging are less complex than purchasing. But there are other costs that will apply such as early repayment charges, lender's arrangement fees, brokers fees etc that you will need to consider.
For enquiries please contact: Lee Duffield or Rachel Norton