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What is remortgaging?
Remortgaging means that after research you have decided to transfer your mortgage from your existing lender to another mortgage provider without moving home.
There can be many good reasons for choosing to remortgage.
· You may want to save money on your monthly repayments.
· You may wish to raise additional capital for home improvements perhaps.
· Your personal circumstances may have changed.
· You may wish to consider a different type of mortgage.
How does remortgaging work?
The first step when deciding to remortgage is to decide on the most suitable remortgage product that will bring you the most benefit.
The first step would be to consider your existing lender first who might be able to offer you the remortgage product you require. If they are unhelpful then you will have to do some groundwork.
You and either visit your local high street Banks or Building societies, Seek independent advice or search the Internet.
Once you've decided on a product for you, you need to find out how much you can borrow. If you have chosen a lender you can complete an application in principle and from that information subject to normal lending underwriting if approved will confirm the amount you can borrow. You will find that most lenders have web sites available, which have mortgage calculators available to you, which can be a great time saver.
As mortgages are secured on your property and not you personally it is important to remember that you need to borrow enough to repay your existing loan, including any Repayment Fees or any other fees your existing lender may charge you for redeeming your current mortgage.
Once you have decided on the product and amount required you will have to complete a remortgage application form, which can either be a written application or an online application over the Internet.
Upon receipt of your application form, the lender will instruct a Valuer to visit your property. If the mortgage you have applied for entitles you to a Free Valuation, they will not charge you for the basic valuation of your property.
You will need to appoint a Solicitor to help you with the legal procedures. To attract remortgage borrowers some lenders offer you to Free Legal Fees, and will instruct their appointed Solicitors on your behalf.
PLEASE REMEMBER YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT
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