This information provides an overview of the remortgage process.
- With the help of your mortgage adviser, work out how much you need to repay your
existing mortgage, including and penalty fees and exit charges. Also consider if
you require any additional borrowing.
- Your adviser will undertake research and recommend a lender who is best suited to
meet your needs.
- Your adviser can then obtain an "Agreement in Principle" (AIP) from the lender.
An AIP indicates that a lender will provide you with the mortgage you require subject
to a satisfactory property valuation and confirmation of your income and credit
hsitory.
- Discuss with your adviser and confirm the type of mortgage you would like, the rate
type, term and repayment method.
- Your adviser will help you to complete your mortgage application and will submit
the application to the lender.
- In many cases the new lender will arrange for the legal work to be taken care of.
If this is not the case, you should now instruct a solicitor or licensed conveyancer
to act on your behalf.
- The mortgage lender will arrange a survey or valuation of your property.
- Once the lender is satisfied with your application and the valuation they will issue
a formal mortgage offer.
- Now is a great opportunity to review your life assurance, home insurance and any
other necessary insurances.
- The legal work will be completed and the solicitor will request a final repayment
amount from your existing lender.
- The solicitor will confirm a completion date and will request the funds from the
new lender for this date.
- The final stage is completion; your old mortgage will be repaid and you will now
be reponsible for a new mortgage. You must ensure that all the relevant insurances
are now in place.
Click here for further information and for details
of how we are paid for our residential mortgage services.