What is the process for Remortgaging?

A remortgage is when you move your mortgage from one lender to another. In this article, we look at what is the process for remortgaging? 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.

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 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 what is the process for 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.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

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Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

Chris, Help to Buy Mortgage Customer from Southampton

What is the process for Remortgaging?

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