Laid out below is an example of how the process of a remortgage generally works. Different lenders do have their own specific
procedures, however, and so these may differ in certain details. We will be able to give you more precise information once you have contacted us.
- The new lender will contact your existing mortgage lender to confirm the outstanding balance on your existing mortgage
- They will check that your propery has enough value to settle your existing mortgage. If this is the case they will then send you the required legal documents for your signature
- They will repay your existing mortgage on your behalf
- They will send you or your appointed agent the monies for the difference between the new mortgage advance and the amount required to pay off your existing mortgage
You will, of course also be required to complete a new mortgage deed as well as discharging the mortgage deeds relating to the old mortgage(s) your new one repays. In most cases the new mortgage lender will store your title deeds as well as the new mortgage deed when registration is complete.
If you have any further questions please get in contact. |