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Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

the process remortgages

Here at the mortgage monkey, we're firm believers that its worth taking a bit of time to do your homework first; it should help to avoid any of those last-minute panics about something that somebody has forgotten.

 

Stage 1 preparation
First of all, you need to decide whether you just want to move lenders and keep your mortgage at the same size, or whether you want to take out some additional borrowings.

Mortgage
The friendly and knowledgable advisors at the mortgage monkey are on hand to give independent mortgage advice and source the best mortgage to fit your circumstances. At this stage, its quite a good idea to get your adviser to obtain a Decision in Principle from the lender. This basically means that, assuming your income and status are verified at the level you tell us, and the property is a good security for the loan, the lender would be prepared to grant you a mortgage for XXXX.

Legal
A solicitor or licenced conveyancer handles all legal aspects of changing the mortgage on a property. Many lenders now appoint a solicitor to handle these formalities, some even offering free legal work as part of the mortgage product. However, if this isn't an option or you wish to use your own solicitor, youll have to pay solicitor's costs (click here for more information on associated costs). Its a good idea to obtain quotes from a number of solicitors to decide which firm you wish to use. Solicitors/licenced conveyancers, if reputable, should belong to one of the two bodies below with whom you can also verify membership

 

The Law Society tel: 0870 606 2566

Licenced Conveyancers Association
tel: 01245 349 599

Stage 2 mortgage application
Please be aware that at this stage, you will probably start incurring some costs of moving your mortgage, in terms of mortgage booking fees (if applicable), survey costs (if applicable) and solicitors fees, etc.

Mortgage Application
Your mortgage monkey adviser will take you through the application process in detail and there are a few things that you will need to supply. The lender will usually want to see evidence of your earnings (eg: recent pay slips & P60) and bank statements. The lender will also probably ask to see your last couple of annual mortgage statements. The lender will also verify your identity and address. Once your status, etc has been verified, the lender may then carry out a valuation on the property to determine whether the property is suitable as their security. Assuming that everything is in order, and that the valuation is satisfactory, the lender will then send you their formal mortgage offer. This document contains all of the details of the mortgage, including the terms and conditions, and should be read through very carefully.

Stage 5 completion
The solicitor handling the remortgage will get the mortgage funds direct from the lender and and pay off/redeem your previous mortgage. If you are taking out additional borrowing, the extra money will usually be forwarded directly to you by the lender. The new lenders charge on the property will then be registered by the solicitor.
 

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
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