Residential remortgaging is the process of replacing your current mortgage deal either with your existing lender or by moving it to a new lender. The process can be quick and easy with the right guidance, and shouldn’t pose any legal obstacles.
Why should you remortgage?
There are a number of reasons why you should remortgage, but here are the most common reasons.
There are plenty of other reasons you may wish to remortgage so please ask your Regal Finance expert any questions you may have, and we will happily search for the best possible outcome.
What is the process?
With the right preparation the process can be simple.
Your Mortgages To Go expert will need to know the details of your current mortgage, along with completing a full fact find to fully understand your financial position. We will always discuss your future so as to ensure we can safeguard any plans as much as possible.
Before looking for the best possible solution we need understand the purpose of the remortgage and the outcome desired. It is not always about the cheapest option.
The best solution may very well be to stay with your existing lender, it is important to give them a call and double check what options they would give you. We will then be able to compare with the market to see the best mortgage product available.
We will fully way up all your options including taking all potential fees in to account, not just the interest rate. It may also be the case that it is beneficial for you to pay your early repayment charge as it could still work out cheaper in the long run.
Mortgages To Go experts can source from thousands of mortgages to find the best deal for you. We often benefit from exclusive products that are not attainable to the general public on the high street or even existing borrowers.
Our experts will take you through the application process to ensure it is presented to the lender in the best possible light. The application will then move on to underwriting, where a valuation will be instructed and you will need to have a solicitor appointed.
With most simple remortgages and mainstream lenders, they will offer you a free legal fees mortgage product. If however you do not have access to this then your Mortgages To Go expert will happily help in instructing one for you as we have some exclusive arrangements with a number of large legal firms
Once all initial checks are completed such as documents and a credit check, and the valuation has come back successfully then the mortgage offer will be issued.
If you are changing lender then the solicitor will have been in contact to confirm details to do with your property, request title deeds and details of the freeholder if the property is leasehold.
Once the lender and the solicitor are happy the mortgage is ready for completion. Your new lender will now be in place and any additional requested funds will be released.
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