The remortgage process typically involves several steps:
Applying for a remortgage: The first step is to find a lender and apply for a remortgage. This usually involves filling out an application form and providing the lender with proof of income, employment, and creditworthiness – it’s advisable to involve a mortgage broker as they can assist in this process as well as review the market, not just one lender
Valuation of the property: The lender will then arrange for a valuation of the property to be carried out. This is to ensure that the property is worth at least as much as the amount being borrowed.
Legal work: Once the lender has approved the application, the legal work can begin. This includes the preparation of the mortgage deed and other legal documents. The lender will typically appoint a solicitor or conveyancer to carry out this work on their behalf.
Signing the mortgage deed: Once the legal work is complete, the borrower will need to sign the mortgage deed. This is a legal document that sets out the terms and conditions of the mortgage.
Completion: Once the mortgage deed has been signed, the funds for the remortgage will be transferred to the borrower, and the remortgage is complete.
Please note that the above is a general overview of the process, and there may be variations depending on the lender and the type of remortgage you are applying for. It is always recommended to seek professional legal and mortgage advice
At The Mortgage Branch, we are here to help you secure the most suitable mortgage for you, whatever your situation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT