Remortgaging Guide
Remortgaging refers to the process of switching your existing mortgage to a new mortgage deal, either with the same lender, or with a completely different one.
The primary reasons for remortgaging include obtaining a better interest rate, accessing additional borrowing, or changing mortgage terms to better suit your financial situation.
Here are things to consider when remortgaging:
- Assessment: As your existing mortgage deal approaches its end, we’ll invariably establish what deals your current lender will offer you to remain with them. We’ll then compare these against the 90+ mortgage lenders out there and determine whether it’s advantageous to switch lenders. This is also a good time to decide if you want to make any material changes to your mortgage, such as raising capital for home improvements, reducing the term of the mortgage etc.
- Research and Comparison: It’s essential to research the market and compare different mortgage deals available from various lenders. This involves assessing interest rates, fees, repayment terms, and any additional features or benefits offered by different mortgage providers.
- Mortgage Application: Once you’ve identified a suitable mortgage deal, we can apply for a remortgage with the chosen lender. The application process typically involves providing personal and financial information, including proof of income, employment details, and documentation related to your existing mortgage. However, if you remain with your existing lender and keep all aspects of the mortgage the same, the list of paperwork required is significantly reduced as the mortgage is already held with them.
- Valuation and Legal Process: A new lender will likely conduct a valuation of your property to assess its current market value. Additionally, you may need to engage a solicitor or conveyancer who will handle the legal aspects of the remortgage, including property searches and the transfer of the mortgage funds. However, if you remain with your existing lender and keep all aspects of the mortgage the same, you are not likely to need a survey or solicitor.
- Mortgage Offer and Completion: If your application is successful and all necessary checks are completed, the lender will issue a mortgage offer outlining the terms and conditions of the new mortgage deal. Once you review and accept the offer, your solicitor or conveyancer will work with the new lender to finalise the remortgage. The new lender will pay off the existing mortgage, and your mortgage will be switched to the new deal. If you remain with the same lender, we’ll simply confirm the date the new product will commence.
It’s worth noting that there may be fees involved in the remortgaging process, such as arrangement fees, valuation fees, legal fees, or early repayment charges from your current lender. We will consider these costs and factor them into your decision-making process.
Thameside Mortgages, as a mortgage broker, specialises in helping clients find suitable mortgage deals. We proactively reach out to clients 6 months before their current deal ends to assist in finding the right remortgage option. We will provide advice, compare offers from multiple lenders, and guide you through the remortgaging process.
The Financial Conduct Authority does not regulate building surveyors.
Thameside Mortgage Ltd are not regulated by The Royal Institution of Chartered Surveyors, we do not have any involvement in the provision of this type of service / activity. We are not qualified surveyors and the information provided on this website is for informational purposes only. The information provided is not intended to be a substitute for professional advice, inspection, or survey.
It is important to seek professional advice and to undertake a proper survey/inspection before making decisions or taking actions related to a property.
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