Step by step mortgage guide if you're Remortgaging
- How much are you borrowing?
Decide if you are looking to borrow more money, or if you just want to switch mortgages.
- Choose a mortgage and get a decision in principle
With our advice, confirm the type of mortgage you require and we’ll get the lender to confirm for you how much you can borrow.
- Finalise remortgage application
We’ll help you complete your remortgage application.
- Choose a solicitor/conveyancer
Lots of lenders offer their own free legal services for remortgages, or you could obtain quotes from solicitors/conveyancers, and pick one for yourself. Often the best way to find a good solicitor or conveyancer is by personal recommendation. (We can recommend solicitors if you’d rather.) Keep in mind that it might be worth paying a bit more for a better service.
- The application is assessed and the property is valued
Your lender will now need to assess your application and will also require a basic valuation to ensure that the property is suitable for them to lend on.
- Receive your mortgage offer
Your mortgage application is agreed, and you will receive an offer letter from your lender. This will detail exactly what they will lend you, and on what terms.
- Contact your solicitor/conveyancer
Your solicitor/conveyancer will confirm that all the legalities have been dealt with, and will arrange a date for completion.
- Completion
Your solicitor/conveyancer will draw funds from your new lender, and repay your existing lender. If you are borrowing further funds, these will be forwarded on to you, normally in the form of a cheque.
- Cancel old payments
Make sure you cancel any direct debits to your previous lender.
- Review protection
We will help you review your buildings and contents insurance, and your mortgage protection, as these may need adapting to your new mortgage.
What next? Click here to get a quick online quotation for a moving house mortgage.
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