Remortgaging Your Property
How Does It Work?
You will need to apply for a loan with your new chosen lender – either directly to the lender or via a mortgage broker.
Once your mortgage in principle has been agreed (or earlier if you want to save time later) you will need to appoint a solicitor to:
- CHECK the title to the property, to ensure it meets your new lender’s requirements;
- UNDERTAKE a local authority search, or organise search indemnity insurance;
- LEASEHOLD property, you need to obtain relevant information from the freeholder and any management company who deal with service charges;
- REPAY the existing loan with your current lender, using the money released by your new lender (and any extra that you may be adding in, if you are reducing your borrowing); and
- TIME – it may take between 4-8 weeks for the process to complete.
Cost Of Remortgaging
The cost of remortgaging is based on a variety of factors however, the most typical are:
- Solicitor’s fees;
- Land Registry fees;
- Repayment of your existing loan;
- Arrangement fees with your new provider (if applicable); and
- Cost of property valuation.
Is A Solicitor Required?
The simple answer is “yes” as your current and new lenders will insist on it.
MT UK is on the panels of an array of mortgage lenders, so Team MT UK (Conveyancing) – Department can help.