What we'll do for you
If you're considering a remortgage on your property, it's helpful to understand the process involved. As your mortgage broker, we'll guide you every step of the way. This guide explains the remortgage process and the role we play in making the transaction run smoothly.
Step 1: Assessing your financial situation
We start by evaluating your current financial position. That includes reviewing your existing mortgage terms, the outstanding balance, any potential early repayment charges, and your overall financial health.
Step 2: Determining your remortgage goal
Together, we'll clarify what you want the remortgage to achieve. Whether it's finding a better rate, reducing monthly payments, consolidating debts, or unlocking equity from your property, understanding your objective is what guides our recommendation.
Step 3: Researching remortgage lenders and rates
Once we know what you're trying to achieve, we research potential lenders on your behalf. With access to a wide range of lenders and remortgage products, we can present the best options tailored to your situation, comparing rates, terms and fees to identify the most suitable offer.
Step 4: Application submission
Once we've chosen a lender and product that fits your needs, we handle the application process. That means gathering the necessary financial information and documents to make your application robust, and submitting it on your behalf.
Step 5: Property valuation
Before a lender agrees to remortgage, they'll need an accurate valuation of your property. This step determines the maximum amount they're prepared to offer.
Most lenders include a free valuation as part of their remortgage offer. They may arrange for a surveyor to visit your property at a convenient time, or carry out a remote valuation, also known as a 'desktop' valuation, based on data about your property and its location.
Step 6: Conveyancing
Conveyancing is a critical part of the UK remortgage process. The chosen lender will instruct a solicitor or licensed conveyancer to handle the legal paperwork and check the property's legal status.
The solicitor or conveyancer also confirms the remaining balance on your existing mortgage. Once everything is in order, they use the funds from your new lender to clear that existing balance, facilitating a seamless transition to your new mortgage.
Step 7: Approval and completion
After successful legal checks, the property valuation, and your credit check, your remortgage is ready for approval. We'll guide you through completion, ensuring the new lender clears your existing mortgage and the new terms are set in motion.
Conclusion
The UK remortgage process can seem daunting, but with a dedicated broker guiding you through it becomes considerably more straightforward. Understanding these key steps, and using professional guidance, helps you get the most out of your remortgage.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.