The mortgage market is constantly changing and evolving, which makes it difficult to keep track of rates and products. We can assess the UK mortgage market to make sure that your rate is always the most cost effective, based on your current situation and any future plans that you may have.
There are many reasons to consider a remortgage – maybe your fixed or tracker rate is coming to an end, you wish to raise capital in order to re-invest or that you simply want to look at the market for a better deal. Whatever your motivation you should always seek professional advice.
We understand that the process involved in buying a home and remortgaging is different and we will help you to navigate this from start to finish, from providing the initial advice on the mortgage to helping you find the right solicitor to act for you.
The Remortgage Process
Step One
Meet with one of our brokers who will assess your mortgage and insurance needs. Your broker will complete a fact find, collect your documents and advise you on the most appropriate lenders/providers for you. Your broker will then submit the full application. Your case will be passed over to an administrator who will call you to introduce themselves. They will now be your main point of contact and will keep you fully informed of the progress of your mortgage and insurance applications.
Step Two
The lender will request the documents they need to assess and will instruct a valuation of the property. This may be carried out physically or could be done via an automated desktop process. When all the documents have been assessed and the valuation results are in, your case will be passed to an underwriter. Once everything is in order, the mortgage offer will be produced. Many remortgage products offer a free legal service. If this is the case then the conveyancing company will contact you via email or post and request that you complete a questionnaire, sign the mortgage deed and provide any necessary documentation which could include, but is not limited to, ID, proof of address and building insurance schedules. If your mortgage product does not come with a free legal service then at this stage you should instruct your chosen solicitor.
Step Three
A copy of the mortgage offer will be sent to yourself, Start, and your solicitor. You should check that the details match what you expected and raise any concerns with your broker. You will also receive a call from our general insurance consultant who will provide you with a quotation for buildings and/or contents insurance. Your solicitor will complete the legal work on your case and check the conditions on the mortgage offer. They will request a redemption statement from your current lender (if needed) and set a completion date that will either be a day of your choice, or the day after your current mortgage rate expires.
Step Four
A few days before the set completion date your solicitors will send you a completion statement and request any surplus funds (if required). On completion of the remortgage your solicitor will ensure funds are transferred appropriately so that your existing mortgage is repaid and any surplus funds are transferred to you.
Step Five
Within the first two weeks of your remortgage completing, your new lender will write to you to confirm the date of the first payment and how much this will be. Your future payments will be as described on your mortgage offer on the date you have chosen. Note: We recommend that you do not cancel your direct debit with your previous lender until they write to you and tell you to do so. If they take a mortgage payment after completion of the remortgage, they will refund any monies owed to you, normally within a few weeks of the new mortgage completing.
Step Six
Start will contact you regularly throughout the term of your mortgage to assess your circumstances to ensure that your mortgage and insurance arrangements remain the most suitable.