Guide to Re-Mortgaging

You may want to re-mortgage because your current deal is coming to an end or has ended, your home’s value has gone up, you want more flexibility, or you want to release equity. 

 

Whatever the reason, if it’s been a while since you went through the mortgage application process, or you simply want to know you’re covering all the bases, this step-by-step guide should help to shed some light on the subject.

Talk to us

Approach a broker to discuss your options and find out what’s possible. This is also a good time to discuss a budget for your mortgage payments. If you feel ready to proceed we can get to know you better and complete a “fact-find” meeting.

Application

It’s application time, we will “package” your case and submit it to the lender.

Mortgage Offer

Once the valuation is reviewed by the bank they will offer the mortgage, this will be sent to you directly as well as the solicitor and broker.

Legal work

At this stage, the solicitors will complete their work which involves agreeing on figures between lenders and setting dates.

Required documents

Try to be prepared by gathering the documents needed ahead of time such as payslips, bank statements and your last mortgage statement.

Mortgage Advice

We will now present a recommendation with the best deal for you, this is based on your circumstances and our fact-find meeting. We’ll give you a good understanding of what we’re recommending and why.

Valuation

The lender will now contact you to arrange a valuation, sometimes this is done remotely so a visit isn’t needed. These valuations are normally free.

Legal questionnaire

Unlike with a purchase when you’re re-mortgaging the solicitor will want you to complete a questionnaire. This will contain questions about the condition of the property and other things like asking for your home insurance details. We are happy to help you with this.

Completion/ funds release

You will be told around a week in advance of the completion date. This is when you will switch over to your new lender and if applicable receive your money.

Rate Switch

A rate switch is changing the rate you have with your current lender,

normally at the end of a fixed-rate period. Many people assume you need to go to your bank for this, but brokers can save you a trip.

Suitability

It may happen to be the best rate available, another reason is that you’ve had a change in circumstances and wouldn’t be able to get a mortgage elsewhere.

Process

Unlike normal applications there are no affordability checks or legal processes, this means it is far simpler and quicker.

Advice

We will only complete a rate switch if it is the most suitable deal for you and as with any other mortgage we will get to know you and provide regulated financial advice.