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9 steps for completing a remortgage

A remortgage is when you move your mortgage from one lender to another. In our 9 steps to completing a remortgage we look at what is the process for a remortgage? We have lots of handy tips to help you through the process. If you’re looking to remortgage, getting organised is really important. You can often lock in a new rate up to 6 months before your current deal ends.

9 steps for completing a remortgage

Here are our 9 steps to a completing a remortgage:

  • Step 1: How much is left to pay on your current mortgage?

A really important part of the process for a remortgage is finding out how much you owe. If you contact your current lender you can ask for a redemption statement. This will tell you how much you have left to repay on your mortgage.

  • Step 2: When does your current deal end?

Your redemption statement will also show when you current deal comes to an end. It will also show if you have any early repayment charges should you leave your current lender early. You might expect for the mortgage to end two or five years after your deal started. But often it is two years and one month or five years and one month so it is always worth checking.

  • Step 3: How much do you want to borrow?

Now you know how much you owe on your mortgage, it’s important to think about whether you want to borrow a bit more. You might want to do some home improvements or pay off a loan. When you remortgage, this is the perfect time to consider doing this. Alternatively, you might have saved enough money to pay off a chunk of your mortgage.

  • Step 4: Contact your mortgage broker

By speaking to a mortgage broker like us, you will get access to a range of deals, some of which are not available directly on the market. We will look at your current financial situation (bearing in mind this might have changed since you last mortgaged), look at how much you currently owe and crunch all the numbers to find the most suitable deal for you. We will also talk about 2, 5 and 10 year fixed term deals as well as more flexible arrangements such as tracker mortgages.

  • Step 5: Switch to a new lender or stay with your existing

It might be that staying with your existing lender is a more suitable route for you. This is called a Product Transfer. If your circumstances have changed since you last remortgaged or if you’ve left it late to remortgage you might prefer a product transfer. Additionally, your existing lender might have the most suitable deal for you. Alternatively, you might save money by switching to a new lender – this is called a remortgage. At Your Mortgage Expert, we can help you with your product transfer, or compare thousands of deals from lenders from across the market.

  • Step 6: Apply for your mortgage

We will help you get your mortgage application underway. We will let you know what paperwork you need to supply (it can vary depending on your lender or type of mortgage). Our mortgage brokers will also let you know whether there are any fees that need to be paid as part of your remortgage process. Once you’ve applied for your mortgage, the lender will run a credit check and also organise a valuation on your property.

  • Step 7: Mortgage Offer

Once your chosen lender is happy with everything, you’ll receive a mortgage offer. It is important you check this because it will state the term of your mortgage and how much your monthly repayments will be moving forwards. Your Mortgage Broker should have gone through all this with you.

  • Step 8: Legal conveyancing

Many people don’t realise that you need a solicitor for a remortgage. But, if you’re switching lenders, you’ll need to appoint a solicitor. Often, the lender you choose will do this for you, or your mortgage broker can appoint someone for you if require. Your solicitor will organise searches with the local council and check your property’s title deeds.

  • Step 9: Completion

When you complete, you will receive a letter from your new lender to let you know exactly how much your monthly payments will be. And then you’ve nothing to worry about for a few years. We will make a diary note to contact you six months before your deal ends to start the process again!

If you’ve read our article on 9 steps for completing a remortgage and want to speak to a member of our mortgage advice team ring us now on 01722 322683. Or complete a contact us form and let them know when we can call you back.

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