Here is our Remortgaging Guide to explain the process from start to finish.
Contact us and discuss your case with one of our qualified Mortgage Brokers. We will provide you with a copy of our Terms of Business and a Client Profile questionnaire for you to complete with your contact, employment, income, credit and mortgage history details. We will need to know what you think the current market value of your home or buy-to-let property might be.
Once you have completed the Client Profile questionnaire and returned it to us, with your permission, we will contact mortgage lenders and using the information you have provided, find out your affordability figure, i.e. we will establish how much money you might be able to borrow. We will be in contact with you to let you know how much providers are willing to let you borrow, subject to a property valuation and credit checks. This is a called a lending Decision in Principle.
We can provide you with a quotation for Solicitors to act on your behalf. You will need to provide us with documents to support your mortgage application: proof of your identity, proof of your address, proof of your income (payslips, accounts etc.), bank statements, proof of your deposit etc. We will send across paperwork that you need to read carefully, sign and return. This will include a Key Facts Illustration which details the product recommended and a breakdown of all of the costs involved in taking out the new mortgage.
If there is a valuation fee to be paid to the mortgage lender, we will take debit/credit card details from you to submit with the full application so you can pay for the survey and any other fees which need to be paid upfront. If applicable, you will need to instruct a Solicitor to work on your behalf and they will usually ask for a deposit to start work for you.
We will need all of our paperwork signed and returned to us.
On receipt of your application, the lender will then give instructions for the survey to be completed.
A Surveyor will visit the property, acting on the provider’s behalf, to check the general condition of the property and ensure it is suitable as security for a mortgage loan. Their other role is to value the property and to check that the valuation is fair in relation to the current market value compared to other properties in the area. The lender will review the Survey Report and the mortgage application and supporting documents to confirm that they are still willing to lend to you as the applicant.
If they are happy with the survey, application form and supporting documents, they will issue a formal mortgage offer. The mortgage offer is sent to you as the applicant, us as your Mortgage Broker and your Solicitor (the survey report is often attached to the mortgage offer and will be required by your Solicitor to check that you have sufficient buildings insurance cover).
We can provide you with a quotations for buildings and contents insurance, Life Assurance, Critical Illness Cover, Income Protection and Accident, Sickness and Unemployment Cover to start from the completion date of your new mortgage.
Your Solicitor will be completing all of the legal documentation connected to the remortgage on your behalf. You will be asked to sign a mortgage deed to confirm that you accept the terms of the mortgage offer. You will then be given a completion date for when you will receive any surplus funds. If applicable, all legal costs are to be paid to your Solicitor.
You will be contacted by your new mortgage lender with the date that the first month’s mortgage payment will be collected by Direct Debit. Our Broker Fee is payable by you on completion, by bank transfer.
If your new mortgage is on a fixed or a discounted rate, we will be in contact with you before the rate expires to discuss new products available to you.
Call us on 01223 329666 to discuss your requirements and request a quotation. Contact us to talk about remortgaging your property