Remortgaging
Deciding to remortgage your property may be driven by various factors whether that’s securing a better interest rate, accessing equity or changing mortgage terms to suit changing financial circumstances.
Deciding to remortgage your property may be driven by various factors whether that’s securing a better interest rate, accessing equity or changing mortgage terms to suit changing financial circumstances.
Our conveyancing team here at Price and Kelway have a keen knowledge of lenders’ requirements and ensure that the process is completed in a streamlined manner and in line with necessary timescales.
1. Neighbor Disputes:
Through your lender or financial advisor, you will conduct a thorough financial assessment to determine your eligibility for remortgaging and to understand the potential costs and benefits. Factors considered may include income, credit history, existing debt, property value, and equity.
You, or your mortgage advisor may research available products and lenders and compare interest rates, fees, terms and features before advising you on the best product available to you.
Once a suitable option is identified, an application will need to be submitted accompanies by personal documents which typically include, proof of income, identification documents, property valuation information and details of existing mortgage arrangements and financial commitments.
Once the lender has considered the application and it has been underwritten, you will received a mortgage offer and this is usually where we come in. We will be asked to act for both you and your lender to facilitate a smooth process and avoid duplication.
2. Legal Due-diligence:
The remortgage process will be governed by the lender’s instructions and their requirements, and our job will be to satisfy them as to those. This will include considering the title to the property, obtaining and reviewing the usual conveyancing searches and identifying anything out of the ordinary in order to put steps into place to make these acceptable to your lender.
Mortgage offers can sometimes include covenants in relation to the property and your use of it during the mortgage term and we will evaluate and report on these to you to ensure that you are comfortable with your ability to comply with them and that they will not impact negatively on your ability to use and enjoy the property moving forwards.
Our instructions will include submission of a report to the lender confirming that the property is suitable security for their lending and requesting the funds on a date which is suitable to you and aligns with any deadlines such as the redemption of any existing mortgages or loans.
3. Completion
On completion, the mortgage advance will be received from your lender and before transferring any surplus to you, we will send the monies required to redeem any existing mortgages or loans to your existing lenders.
Remortgaging presents homeowners with an opportunity to potentially improve their financial situation by securing better mortgage terms or accessing equity in their property. It is crucial that good legal advice is sought to ensure that you can navigate the remortgaging process effectively and make informed decisions that align with their financial goals. Our team deal with remortgages daily and we are on the panel for the vast majority of high street mortgage lenders meaning that we can say with confidence that, in most circumstances, we will be able to act for both you and your lender ensuring that the process is swift and efficient.