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. 

To arrange a dis­cus­sion about a remort­gage, please get in touch with Rick Bar­row on 01625 523988 or mail@​JBGass.​com