Over half of us in the UK are paying on average £3,500 a year more than we need to be staying with our current mortgages!* That is one of the reasons why you may want to switch your mortgage. Many of the banks and lenders we work with are now offering no upfront fees and even free legal fees when you remortgage. When you couple that with historically low interest rates there has rarely been a better time to remortgage your home.
With all that paperwork the process can appear a daunting task, one that we always promise ourselves we will get round to but rarely do, well with your dedicated advisor it needn’t be a hassle. So what do you need to know before you seriously consider remortgaging?
*Analysis of the annual NMG Consulting Survey (2014-2017). Conducted by Dr. Backus and Habito.
Where to Start
The first step is to contact us and we can advise you on the most suitable remortgaging options and rates available to you. We will work with you to check the terms and conditions of your existing mortgage. These will explain whether you are tied-in to your mortgage deal or if there are any early repayment charges. Then we can help you decide if it is worth switching to a different rate or staying with your existing lender for now.
How do I apply?
We will, of course, guide you through the whole remortgaging process, this will include getting an early repayment statement (sometimes called a mortgage redemption statement) from your existing lender, telling you how much you owe including any hidden charges or penalties.
Together we will complete an application form for your new mortgage, plus provide any supporting information the lender may require.
Your new lender will then value your home, do some checks, and subject to all the paperwork being acceptable, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you.
Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan. (A lot of the deals we can offer come with Free Legals) this will help keep costs down for you.
How long does it take?
The whole process should take between 3-6 weeks to complete however this may vary from customer to customer.