What are the stages of a remortgage?
Step-by-step guide to the remortgage process
- Your current lender writes to you.
- Ask your lender for a closing balance.
- Find a mortgage broker.
- Decide which type of mortgage you want.
- Instruct a solicitor (if moving to a new lender)
- Eligibility and affordability checks – get your documents ready.
What is the difference between a remortgage and a further advance?
Remortgage (moving from your existing lender to another lender, but without increasing your borrowing) Further Advance (staying with the same lender but borrowing an extra amount)
How long does it take from remortgage to completion?
The average time a remortgage takes is eight weeks. Although it is very possible to complete a remortgage in as little as 4 weeks. The more organised you are with your paperwork the quicker the remortgage will be.
What happens on completion of a remortgage?
Following completion your transaction will be registered at the Land Registry. The Land Registry should keep copies of all necessary documents of title and therefore in the majority of cases anything required for a future sale can be obtained from them.
Do you get your house revalued when remortgaging?
When remortgaging most mortgage lenders including your current mortgage lender will offer a free remortgage property mortgage valuation. The valuer will know the property price in your area and they carry out a mortgage valuation which usually takes less than half an hour as there is no mortgage valuation cost.
How does a further advance work?
A further advance involves taking on more borrowing from a mortgage lender, with the rate usually being different to the main mortgage loan. The lender’s further advance offers a competitive rate. The holder does not want to remortgage or switch lenders.
When should you look to remortgage?
In general, you should start looking for a new mortgage around three months before the end of your current mortgage’s promotional deal.
How long does it take for mortgage lenders to release funds?
between 3 and 7 days
The timeframe in which it takes for mortgage funds to be released does vary between lenders, however, it is common for funds to be released within between 3 and 7 days.
Do I need a solicitor if I am remortgaging?
If you remortgage with your current lender, by simply moving to a new rate or deal, it’s considered a “product transfer” and requires no additional legal work. Otherwise, yes, a remortgage will require you to have a solicitor or conveyancer, to help with the legal side of things.
What is a remortgage shortfall?
A shortfall is where your law firm require additional funds from you to pay off your existing mortgage. This will occur when you’re borrowing less money from your new lender than you need to pay to your existing lender.
What searches are required for a remortgage?
Our advice is that you should always carry out all necessary searches, such as a local authority search, environmental search and drainage and water search. This is not an exhaustive list but they are the most common searches carried out in conveyancing transactions.
What is a remortgage and how does it work?
A remortgage is when you take out a new mortgage on a property you already own. There are many reasons people remortgage, for example to reduce monthly payments or find a better deal or to help them pay off their mortgage sooner.
How long does it take to remortgage your home?
Remortgaging your home usually takes between four to eight weeks. During this time, lenders may run their own credit checks to see whether you’re suitable for the new mortgage deal.
What is a product switching remortgage?
A remortgage is when you take out a new mortgage on a property you already own. There are many reasons people remortgage, for example to reduce monthly payments or find a better deal or to help them pay off their mortgage sooner. When you read about remortgaging, you may also come across the term product switching.
What should I look out for when considering a remortgage?
First, you should take a good look at your current mortgage deal. Make sure you understand whether or not you will face any fees for ending the mortgage early. When you take out a remortgage you are effectively getting a new mortgage on your property, and using this to pay off your current one.