How long to arrange mortgage
Applying for a Remortgage
Once you've decided to apply for a remortgage, the application process typically proceeds very quickly. If you're applying for a remortgage with your current lender, the process may be even faster. A new lender will need to review your income, credit rating, mortgage repayment history and property value for the first time, whilst your original lender will have much of this information on file.
As part of the application process, you will need a new property valuation if you are applying for a remortgage through a new lender. The new financial institution may only require a basic valuation, which should be less expensive and faster than a more extensive inspection. A property valuation confirms the worth of your house and land, which may have increased since you first took out your mortgage.
Hiring a conveyancing solicitor can speed up the remortgage process. Conveyancing solicitors facilitate the confirmation of your title and ensure that the necessary remortgaging documents have been completed. Although it is possible for knowledgeable borrowers to complete some of these legal duties, licensed conveyancers can carry out these tasks more quickly, efficiently and accurately. If there is
a problem with the title that was not discovered during the original sale, it is helpful to have a solicitor to handle these concerns.
A conveyancing solicitor will carry out local authority searches and take care of other tasks involved with confirming the details of the title. If the lender is satisfied with the results of the valuation, you will receive an offer of advance. Once the offer has been approved and the legal detail have been completed, your solicitor will arrange for the transfer of the new financing and the title from your current lender to the new financial institution.
After the entire length of remortgaging processes is complete, you will receive a completion statement verifying that the remortgage has taken place. If you are struggling to keep up repayments and are remortgaging in order to avoid more severe financial consequences, it may be tempting to rush to the end of the process by choosing the first lender who makes you an offer. Take time to evaluate offers with the help of a broker or other trusted financial advisor before you make a commitment, so that you can get a reliable deal.Source: www.remortgage.org.uk