As I’m personally in the process of remortgaging, I thought it would be helpful to briefly run through the process.
The first thing to do is to research mortgages &/or instruct a broker. The latter obviously will involve a fee but they can usually source broker only deals & are qualified to advise on the different types of mortgages.
Once you have selected the deal & lender, you need to apply for an offer in principle. This will usually involve a brief conversation about your financial situation & reason for remortgaging. After the recession, rules around mortgage lending became much stricter, which in turn meant lender due diligence has increased.
Subject to your fulfilling the lenders criteria, you will then need to apply for a full mortgage offer. This can either be done face to face, or remotely, & will involve in depth questions about you, your job, your income & expenditure, & property you own. You should allow a couple of hours for the meeting & ensure you are aware of the aforementioned information.
During the meeting, you will be asked to pay the survey fee (if applicable). This will ensure the survey is carried out in good time & that the underwriter can make a final decision along with your formal application.
You will be asked to instruct Solicitor. Some lenders offer free legal work, some lenders offer money towards a Solicitor & some expect you to instruct on your own accord. It is worth noting that free legals doesn’t usually cover any name changes or & that the company will be instructed to act on behalf of the bank & not you. If you are selecting your own Solicitor, you should ensure the Solicitor is on the relevant legal panel.
The main work will be carried out once your offer is issued & a remortgage can usually take place within a matter of weeks.