As a home owner you may decide to remortgage your property for a number of reasons ie. seeking to decrease your monthly instalments, releasing equity in order to finance a further property or make improvements to your home.
In order to proceed with a successful remortgage, please be mindful of these necessary steps you must take:-
Step 1: Review the requirements for your current mortgage. Be aware of the amount outstanding on your mortgage as well as any costs you may incur in repaying your mortgage earlier than expected.
Step 2: Check comparison tables online and chose the mortgage which best suits your needs and requirements.
Step 3: Be absolutely sure you are in fact obtaining a better deal, It is imperative that you compare all costs carefully, including any arrangement fees and valuations which will have to be conducted.
Step 4: Once you have made your decision to proceed, notify your new mortgage lender, who will then prepare a valuation on the property and issue a mortgage offer once approved.
Step 5: Find a Conveyancing Solicitor - It is your Conveyancing solicitors’ responsibility to take care of all the legal aspects to your mortgage and make sure your new lenders’ requirements have been fully complied with. They will also ensure that your existing mortgage has been redeemed on the day of completion.
Step 6: After completion your Conveyancing solicitor will ensure that the mortgage is registered against the property in order to secure your new lenders interests.
If you require further information in this respect please do not hesitate to contact - QualitySolicitors Roberts Crossley - 01625 442771.
I am a Solicitor/Partner at QualitySolicitors Roberts Crossley. At QSRC we offer a range of services catering for the needs of individuals with our conveyancing, family law, accident claims, personal injury...