Re-Mortgaging

The process of re-mortgaging is as follows:

1. Check Ability To Borrow The Mortgage Amount Required
2. Locate A Suitable Mortgage Product
3. Apply For Re-Mortgage
4. Application & Associated Paperwork
5. Valuation/Survey
   (Valuation instructed by Lender)
6. Lender Assesses Application & Associated Paperwork
7. Mortgage Offer Issued
   (copy to Conveyancer/Solicitor dealing with the transfer)
8. Mortgage Transfer & Discharge Forms Signed & Returned
   (liaison between former Lender & New Lender’s Conveyancer/Solicitor)
9. Re-Mortgage Completed
   

We hope this brief guide of the property purchase process has been helpful it is by no means to be considered a comprehensive or exhaustive appraisal of the purchase process it is merely a guide. Obviously if problems are encountered with the mortgage or the property itself then this could complicate the process. Please also note that there will also be legal and survey fees as well as the possibility of other expenses.

Please be aware that Personal Touch Northumberland are always available to answer any queries that you might have and help you along the way!

1. As with all mortgages it is sensible to ensure that you are still in a position (financially) to be able to borrow the same mortgage amount or as in many cases arrange further borrowing in order to undertake home improvements.

2. Having established the amount that you are able to borrow it is now the case of researching the market to see which lender will be able to offer you the most suitable product.

3. Once you’ve identified the best product/deal you will need to make an application to the Lender. Once again we will be happy to assist you not only in obtaining the most suitable deal but also with the completion of the required documents.

4. Having submitted your application to the chosen Lender, together with any associated fees (i.e. valuation and/or administration fees) they will process your application. The initial processing will involve checking your credit worthiness as well as taking up suitable references. Once this has been undertaken and the Lender is happy to progress your application, they will instruct the Valuer to undertake a property inspection. Upon receipt of the Property Inspection Report and assuming there are no problems with the state of repair the Lender will issue their Mortgage Offer Letter

5. At this stage if you are maintaining the Mortgage through your existing Lender then they will simply send you a new Mortgage Offer letter which you will need to sign agreeing to the new terms.

6. If however you are transferring the Mortgage to another Lender at this stage your own Solicitor/Conveyancer ( or in many cases the Lender will offer a free legal service if you select their own Solicitor/Conveyancer) will then become involved in the legal aspects of transferring the Mortgage over from one lender to the other. He/she will then ensure that the new Lender’s Mortgage Offer and security on the loan are in place.

7. Once this has been arranged your new Mortgage will continue until such time as you review the product again, to ensure that it continues to meet your needs.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

FREE mortgage consultation! We do not charge a fee for arranging your mortgage. We offer a range of ways to pay for our service, including a fee and non-fee options. We would ONLY charge a fee of £250 if you, as our client, elected to pay us a fee rather than have us receive commission from the lender.

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