Application

Applying for a remortgage involves similar steps to the ones you took when taking out your original mortgage. The main difference is that the process is completed faster since it involves the original property. In other words, since no additional time is spent waiting for someone to buy the property, a remortgage can be arranged much sooner than a new mortgage in similar circumstances.

Expect the process to be done within six to eight weeks. If that isn’t soon enough, some lenders can actually process your application over the Internet. On your end, having all the required papers and documents prepared beforehand can greatly facilitate the speed of your application. Generally you should have your personal identification documents, payslips, current bank statements, P60’s and a Redemption Statement from your present lender that states how much is still outstanding on your mortgage. The lender arranging your remortgage will provide you with an application form that you need to complete. Usually it will contain questions to verify the information from the documents you submitted.

A surveyor will be assigned by your prospective lender to value your property. A fee is usually charged for this, along with charges related to arranging the loan and associated legal services. Some loan companies may waive some or all of the fees as a promotion for new clients.

After the valuation of your property, the lender will present you with an offer if everything went well. The new lender will contact your current mortgage company to get process started and finally when everything is done you should receive a completion statement from your new lender or your solicitor.