How does remortgaging work?
Remortgaging is usually simpler than buying a new house and the chain of events is often shorter.
It will often start by discussing what it is you would like to remortgage for whether it be to secure a lower interest rate or raise capital for home improvements or to consolidate unsecured debt. The size and remaining term of the mortgage can affect whether or not it is worth switching. If the cost of switching is greater than the saving, then it not worth remortgaging.
How long does it take to remortgage?
Once we have discussed your circumstances, we will then go away and research the whole of the market and get a decision in principle for a deal that is best suited to your needs.
Once we have all of the relevant documentation, we can submit the full mortgage application with the lender for you. We liaise with the lender directly on your behalf so you don’t have to.
Once they have received the application, the lender will assess it to ensure it is overall affordable for you. They will do so by examining your income and expenditure documents such as payslips and bank statements. A credit search and valuation of the property will also be done.
Once the lender is satisfied that you can afford the mortgage, an offer will be produced and issued. It is then up to your conveyancer to do the related legal work involved. At completion, the solicitors will arrange for your existing mortgage to be paid off and any surplus funds (capital raised for home improvements etc.) will be transferred to you.
The length of time it takes from mortgage application to completion depends on a variety of factors such as the lenders turn-around time, the speed of the conveyancer and whether there are any further legal processes such as a transfer of equity.