A ‘remortgage’ means you take out a new mortgage on a property you already own – it involves switching your current mortgage deal/balance, either to stay with your existing lender or to move to a new one.
The most common time for people to remortgage is when their fixed, introductory tracker or discounted rate mortgage is coming to an end.
At Mortgage Solutions Belfast we can take a look at your existing mortgage and if it’s time for your current deal to be reviewed, we will search the market to find the best new deal available to match your current circumstances.
Why go to all this bother? Firstly, we do all the hard work for you and if it means saving you hundreds of pounds each month, we think it’s worth it!
Below is a quick guide to what is involved in remortgaging your home:
1. Review your needs and circumstances
We will need to review why you want to remortgage, what you hope to gain and what kind of remortgage deal you are looking for. If you are unsure of the type of deal suitable for you, or how to choose the right remortgage deal for your circumstances, then please contact one of our Belfast advisors for help.
2. Compare the costs
Before proceeding with remortgaging we will check the costs involved with switching deals with your current lender or switching lenders altogether. We are not tied to any one company and give you the full choice of lenders across the range. We will make sure the deal is applicable to you and that the balance outstanding can be covered by your new mortgage. We will compare what you are currently paying and what you could be paying with the right deal. You will also receive a key facts illustration on the mortgage deal of your choice, so you have all the facts in place before deciding to proceed.
3. Complete application
Once you have compared the options and have decided you would like to proceed, then you will need to provide proof of identity and income as well as complete some paperwork. We will then proceed with the mortgage application on your behalf ensuring you meet all criteria with the new lender. We then process the application in full to get approval.
Most lenders provide a free valuation/survey as part of the mortgage application. This is an important stage as the lending to value ratio impacts on the deal you qualify for. We will keep you informed of any changes this could have.
5. Legal work
A solicitor’s firm will be provided/allocated to carry out the conveyancing work. This can be provided for free by the lender. They are responsible for the transfer of title deeds to the new lender and to also replace the old mortgage balance with the new mortgage. There will be paperwork posted to you to carry out this process, please sign and return promptly.
6. Mortgage offer
When your application is successful, Mortgage Solutions Belfast will contact you to confirm the offer details with your new lender and, if you are happy to proceed, a mortgage offer will be issued.
7. Completion date set
At this stage you will receive a completion date from your solicitor, informing you when your new mortgage will start. It is important to make sure you are out of any early repayment charge period with your current lender. Your solicitor can check this for you by requesting a redemption statement.
8. Mortgage deed signing
You will then be required to sign the mortgage deeds. They are posted to you by your solicitor. Please return these as soon as possible.
9. Report on the title
The solicitor will then forward a report to the new mortgage lender, which will confirm everything is in place and inform your new lender to release the money.
10. Requesting the funds
The solicitor will then request funds from your new lender and on the day of completion these funds will be forwarded to your existing lender. If you have borrowed extra funds to pay off debts or for other reasons, then these will also be released to you on completion. Once this is done the process is finished and you have completed successfully.
Times change so it is always wise to think about updating protection for you and your home, assessing your current cover and taking out additional insurance if necessary. Mortgage Solutions Belfast has a dedicated protection advisor who will be able to assist you further with protection advice. If you require more information on the remortgaging process, or have any further questions please contact one of our advisors.
It’s always worth having a chat to consider your options – give us a call on 02890 642000 to see how we can help.