Remortgaging your home
- reduce your monthly repayments by securing a cheaper mortgage
- reduce your monthly repayments by extending the term of your mortgage
- reduce the mortgage term, by finding a cheaper deal and keeping repayments the same you could be mortgage-free sooner
- release some of the value in your property for other spending, such as home improvements
- Details of your current mortgage account including the account number – this will enable your solicitor to apply for a redemption statement which will show how much is needed to clear your mortgage. This statement will include any ERC and your solicitor will go through the statement with you
- Details of your new mortgage product – this will enable your solicitor to advise on how much surplus will be due to you or how much shortfall you will need to pay
Remortgaging is the process of moving your mortgage from one lender to another. To discover just how our professional and supportive our team can be in your remortgage requirements, call 0161 979 0004 or use the online form to request a free callback for a fixed fee quotation.
You may consider remortgaging to:
You should start thinking about remortgaging 3 to 6 months before your current deal ends.
Gather your latest mortgage and bank statements to see how much you are paying on your current mortgage.
Check the small print on your current mortgage deal for any early repayment charge (ERC) which may make your remortgaging too expensive.
Also, look out for any exit fee that your lender charges for closing your mortgage.
Contact your lender to get a quote for paying off the amount you owe, plus any charges, and check the exit fee you are quoted matches the one in your mortgage agreement.
If you do not want to do the legwork on your own, you could use a mortgage broker.
Generally, you need to do this around 3 months before your existing offer rate expires. Some deals can be arranged up to 6 months in advance, others for much shorter periods.
Once you instruct your solicitor you will need to provide the following:
Your existing mortgage will be repaid on the same day as your new mortgage begins.
This will take place once the formal mortgage offer has been received, which normally takes 6-8 weeks, the legal title to your property approved and funds released by your new lender.
Your solicitor will use your new mortgage advance to pay off your existing mortgage and any surplus will be paid to you.
To find out more call 0161 979 0004 or use the online form to request a free callback and speak with our supportive professional team.
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