Remortgage Process

If this is the first time you are buying a property and are opting for a new mortgage, the process would be more complex compared to a remortgage process.

Whilst the initial application process is similar to a mortgage, once the remortgage is agreed upon the lending company will need a valuation, amongst other things.

Most lenders provide you with a simple and hassle-free process when applying for a remortgage.

Lender Requirements

• Survey evaluation:
  If you are switching from your current lending institution to a new one, a basic survey evaluation is one of the things, which is needed. Since you are staying in the same residence you should have a good idea about the property's condition.

• Payment pattern evidence:
  The remortgage lending company would also need evidence that you have made timely and prompt payments towards the previous mortgage.

• Employment details:
  The lender will also require details of your employment as well as your monthly salary amount. If you are self-employed you would be required to provide details of your trading accounts for a period of three years.

  This will qualify you to obtain a remortgage package scheme from the company. You could also choose to opt for a self certification remortgage from the lender if you wish.

• Mortgage switch scenario requirements:
  If you have not held a previous mortgage with the lender and are switching from your old lender the company would require their licensed conveyancer or solicitor to conduct local queries to know the complete details of your property.

  Once the lender release the funds towards the remortgage, you or your solicitor have to pay your old lending company and will make sure to inform the Land Registry of applicable changes made.

Cost associated With Femortgaging

The only prohibitive cost associated with remortgaging is stamp duty. Since you are the owner of a property, stamp duty comes into effect and can comprise a big portion of the costs involved with remortgaging.

Other associated expenses include valuation fees, solicitor fees, broker fees, arrangement fee for the mortgage provider, fees towards Land Registry, discharge fees towards your current mortgage, redemption penalties for early repayment before mortgage tenure ends etc.

Finding a Remortgage Provider

Ideally, you want to make smaller monthly payments towards a remortgage and a good deal of flexibility infused into the remortgage deal. It is easy to find the best remortgage deals available across the UK, with reasonable rates and flexible terms and conditions.

Even if you have problems with your credit score or credit history, lending companies these days can find a suitable remortgage plan, which works for you.

Many lenders across the UK follow a very systematic process these days, when it comes to providing a remortgage deal. First, the company needs instructions from your broker or from you asking the company for a remortgage process.

The company then requests the redemption statement as well as title deeds from your existing mortgage lending institution.

All applicable documentation and deeds are sent to the lender and they receive the specific remortgage offer, which was made to you by your lender.

After this, the lender notifies you of all applicable charges and the steps that need to be followed to start the remortgage process.

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