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How to Remortgage- conveyancing guide

It can be hard to know what to expect when remortgaging. People remortgage for a number of reasons: changing mortgage lender for a cheaper deal, or cashing out some equity to build up the property.  This guide will tell you everything you need to know about the process so that your expectations are realistic and you won’t get caught out by any nasty surprises during the process. With this guide, we hope that you feel confident in making an informed decision on whether or not it is right for your circumstances. If there is anything else that you would like us to cover in future guides then please let us know.

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Reason for remortgaging

Set out the reason(s) why you want to remortgage. People remortgage for a number of reasons:

•To consolidate debt into one loan. 

•Switch to a different mortgage provider for a more flexible mortgage. 

•To release equity (if the property has risen in value since taking out the current mortgage). 

•To switch from a variable to a fixed mortgage rate. 

Find the best deal & make application

In order to find the best deal that suits your lifestyle, you should consult a financial adviser or mortgage adviser. We would also advise that you give your current mortgage provider the opportunity to match the terms of the new mortgage deal that you are interested in. 

Once you are satisfied it is time to make your application. Either you or your adviser will submit the application to start the new process. 

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Instruct your Conveyancer

To handle the legal side of things you will need to decide on a Conveyancer or solicitor to helo with the transaction. The Conveyancer will send you an introductory package in order to collect information about your property and mortgage. At this time your Conveyancer will also ask for ID verification to obtain your title deeds from the Land Registry. If you have a mortgage adviser they can communicate directly with your Conveyancer. 

Offer

Your lender will then send an offer directly to your Conveyancer/ Solicitor. At this point, there will be a search on the property and your Conveyancer will find out how much is left to be paid on your property through an Internal Redemption Statement. Once all is in order your Conveyancer will report back to your lender to send them your mortgage deeds to be signed for a request of funds from the lender. 

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Finalise

To finalise and complete the remortgaging process the amount still due on the old mortgage is agreed and reconfirmed it is then redeemed with the balance forwarded to you.