Step by Step Guides Remortgaging

Looking for a better deal or to release some equity on your already mortgaged property? This guide lists everything you should know about the remortgaging process.

Sections:

1. Why Remortgage?
2. Current Mortgage
3. Select Mortgage
4. Current Details
5. Calculations and Timeframe
6. Check Penalties
7. Improvements
8. Survey, Complete

3. Select Mortgage

Once you start getting competitive quotes, ask your lender to match or improve on these offers. This might be cheaper for you in the long run.

There is a wide range of remortgage products available from different lenders. Be sure to check our Mortgage Assistant to find out on the benefits of each one.

Your adviser and / or new lender should explain the benefits and disadvantages of any deal or deals you might be interested in.

Your lender or adviser should also state clearly the interest rate you will be paying and, if it's a fixed or capped rate, the time you'll be paying any certain rate.

Your lender or adviser should be able to figure out the monthly amount you'll save by switching, based on a comparison between the new rate they offer you and the old rate you were paying. That said, if your getting a bigger loan, your payments are probably not going to get smaller.

Your adviser should also be able to work out the exact amount of your monthly payments at the rate quoted. It's a good idea to have them show you how much you'd pay at the SVR so you have an idea of what you'll be paying afterwards.

It's mandatory for the annual percentage rate (APR) to appear in all adverts alongside the headline mortgage rate. While APR's should provide customers with an accurate cost of the loans, they're often unreliable. Get specific quotes listing all the upfront and ongoing costs.

Even though you're able to remortgage as many times as you like, remember that you may be liable to pay redemption penalties, and you may have to pay arrangement fees.

Once you've chosen a mortgage, your new lender will:

• Ask for paperwork to support your application, including proof of your income and your outgoings.
• Carry out a valuation - although on a remortgage the surveyor may not be as exhaustive as with a purchase.
• Ask for information about your home.
• Some lenders will require you to carry out a local authority search, while others accept title insurance (which covers them against anything not found during the search).

All these information leaves you by way of your solicitor. He or she will handle all the paperwork and then pass the documentation from your current lender to your new one.

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• Remortgage Specialists

  A mortgage brokerage providing excellent home loan solutions for people with poor credit. Specialists in remortgages for people with bad credit.

  http://www.findthatmortgage.co.uk

• Bad Credit Mortgage Brokers

  We specialise in bad credit mortgages and remortgages for people with an imperfect credit history.

  http://www.findthatmortgage.co.uk

• Mortgages for the self employed

  For too long the self employed, contractors and freelancers who are paid by way of bonus or commissions have been discriminated against by mortgage lenders.

  http://www.selfcertmortgageuk.co.uk