What is a Remortgage
A Remortgage occurs either when a mortgage is placed on a property which has no mortgage or you transfer to a new lender.
When our fees apply
The fees in our remortgage calculators only apply if you are using a Mainstream/ High Street Lender. If that does not apply, then our fees will be higher. Please ring about this if you wish.
It is important to note that you cannot normally remortgage unless you have owned the property for a period of six months.
If you wish the remortgage to go through within the six months period you must check with your lender as to whether this is possible.
Procedure on remortgage
The steps that we take on a remortgage are as followed:
- Upon receipt of the mortgage instructions from your new lender these are checked and then we ask you to sign the mortgage deed.
- We obtain a redemption figure from your existing lender.
- We arrange for search indemnity (providing that it is allowed) and we request funds for completion.
- We obtain the money from your new lender, pay off your former lender and send the surplus (if any) less our costs to you.
- We register the new mortgage with the land registry and the old mortgage is removed using form DS1 or END1
Should you wish to discuss these further please do not hesitate to contact us on 0115 9247028 or at firstname.lastname@example.org