How To Remortgage A Property

To remortgage a property is the process of changing your lender to whom you make your monthly mortgage payments. It is common to remortgage a property at the end of a fixed term deal with one lender where a more competitive or financially viable option is available with an alternative lender. The majority of people will remortgage throughout the term of their mortgage during their lifetime.

 

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What Do I Need To Do?

To remortgage a property you will require the assistance of a lender, independent  financial advisor and a law firm. You first port of call will be your original lender who you will most likely contact with a view to extending your agreement with them. If you are unable to agree a new deal with your original lender you will then proceed to contact a financial advisor who will compare the mortgage products available on the market for you. Your financial advisor will proceed to submit your mortgage application. When your application has been accepted the solicitors become involved in finalising the new mortgage deal for you with your new lender.

As solicitors on a re-mortgage it is our job to repay your original mortgage with your first mortgage company and to ensure the new mortgage is secured against your property. In addition to redeeming your current mortgage we will also check that your property is suitable as security for your new lender to allow the re-mortgage to proceed. The checks we carry out include checking the Land Registry office copy entries for your property and carrying out a number of searches.

At Tilly Bailey & Irvine we are able to offer competitive quotes for dealing with all re­mortgage work and aim to deal with the re-mortgage process in a timely manner. The average re-mortgage transaction will take between three and four weeks, though this timeframe can differ depending upon your circumstances.

Should you require any further information or quotation for any remortgage work please don't hesitate to get in touch.