Remortgage Process

Step 1

Once you have accepted your Remortgage recommendation you will formally apply for the mortgage.

Step 2

The mortgage application is sent to the Lender along with any supporting documents that the lender may require. These could include pay slips, bank statements and identification.

Step 3

The lender will instruct a basic valuation. Unlike when a property is purchased a basic valuation is usually serf ice for a Remortgage as this is the minimum that the lender will need and as you live at the property you will generally be aware of its condition. Most lenders will value the property free of charge as an incentive to change to them.

Step 4

As long as the property has valued up to the specified valuation and all supporting documents have been approved by the lender you will then receive the formal mortgage offer. It is very important that you read this carefully read and check all the details and conditions set in it.

Step 5

The solicitor will now request the deeds from your existing lender and once they have all the information that they need they will ask you for a completion date (the completion date will need to coincide with the end of any penalty periods to avoid any extra fees).

Step 6

The mortgage will now complete and you will now pay your mortgage payments to the new lender (it is also important to make sure that last payment to your old lender is paid, if it is close to the mortgage finishing this will normally be refunded to you, providing that your mortgage is paid in advance).