THE PROCESS FOR REMORTGAGING
Before you consider remortgaging, really think about why you are doing it and if it’s the right option for you.
Consulting with a financial advisor can assist with any queries you may have or alternative options.
However, if you have thought long and hard about it and know it is what you want going forward, you are probably wondering what the process is like.
Below is a brief step by step guide to how the remortgaging process works.
1. The reason why you want to remortgage
Even though you’ve been thinking about it up to this point, you need to have a goal in mind; whether this be home improvements, to consolidate debt or just to change your repayment costs, you need to go in with the reasons for the remortgage.
2. Seeking financial advice
Whether this be from a financial advisor, mortgage broker or your current/ new lender, it is important to have these conversations before the application itself. These specialists will be able to work out if remortgaging is the right move for you and what it can be mean financially in the long run.
You want to ensure you can make the new repayments without straining your living costs.
3. Working out if you can afford it
Whilst speaking to your advisor, you do need to be realistic and think is it really something you can definitely afford further down the line.
With your previous mortgage, you will know too well that it is clear that missing repayments can lead into having your property repossessed.
Looking for a fixed rate mortgage could be ideal for you in this situation, so you always know what you’ll be paying.
4. Discussing with your current lender
You want to hash out the small print and ensure you are making the right decision.
Whether you are staying with your current lender or moving elsewhere, they may be able to offer you a competitive deal, depending on what you’re after.
5. The application
If all of the above has gone smoothly, you are now ready to apply.
Just as you did with your previous mortgage, you will have to complete an application form and provide all your financial documents again. Your lender and financial advisor can assist with this.
Once you’ve done it before, you should be aware of what this process entails as it does not differ.
6. Debating whether you need legal expertise
In some cases, you will need a solicitor to finalise the legalities of a money transfer.
Some lenders will have their own in-house legal team do it on your behalf, or you can hire your own.
Either way, a solicitor isn’t always necessary but advised.
Just as is a financial advisor.
This process isn’t as daunting as it seems, and can all be done with the right assistance along the way.
REQUEST A CALLBACK
Your information will not be stored for marketing purposes and we will only contact you about the information you have provided above. The internet is not a secure medium and the privacy of your data cannot be guaranteed.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.