Remortgage

Remortgaging is a big decision to take, but one that can pay dividends in the long run. People often consider taking this route in order to get a better mortgage rate – and in the current uncertain economic climate, this is a popular move for those looking to boost their finances however they can.

What is a remortgage?

Remortgaging is when you pay off one lender and draw down a mortgage with a new lender. However, the process can be a little confusing, so it is important you consult the experts in order to get the best deal possible. By speaking to those with the right knowledge and expertise, you can ensure the process is straightforward and easy to understand.

How long will my re-mortgage take?

How long it will take from you obtaining a new mortgage offer until the re-mortgage completes will depend on a number of factors. The average process takes between 4 – 6 weeks.

It can be quicker or slower, depending on how quickly we obtain copies of your new mortgage offer and redemption figures for your existing mortgage and whether or not there are any title issues.

What is the process?

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances. However, below we have listed the key stages. We do the following:

• take your instructions and give you initial advice
• send out our client care pack to you with initial forms for you to complete and return
• obtain title information documents from the Land Registry
• order Searches if this is required by your new lender
• review and report to you the conditions of your new mortgage
• obtain a redemption figure from your current lender
• send paperwork out to you for signature
• agree a completion date
• prepare an invoice and completion statement
• arrange for all monies needed to be received from the lender and you
• discharge the old mortgage
• deal with registration of the new mortgage

How we can help

At McHale & Co, we understand the process of remortgaging can be difficult and stressful. We are here to provide advice, and have the know-how to ensure any creases are ironed out. We are able to provide the relevant documents once the remortgage is completed. However, please note that you are responsible for ensuring any outstanding debts are paid off (if any).