Re-mortgaging - The Process
How long will it take?
The time between the receipt of the mortgage offer and the receipt of the mortgage advance varies according to the requirements of the new lender. If search insurance is acceptable to the lender, the timescale may be dictated by how quickly the documentation can be signed but the completion date can be chosen by you. For example, you may wish to synchronise the completion of the new mortgage with the payment dates of the current mortgage so you don’t get two direct debits going out in the same month.
The process may vary slightly depending on the mortgage lenders’ requirements and your own circumstances so the work listed below is only a guide:
- We ensure that we understand what you need at the outset and advise you according to your own circumstances
- We ensure all identification checks and bankruptcy searches are satisfactory
- We obtain a redemption figure from all current lenders (including all charges for paying off)
- We review and advise you on the new mortgage offer
- We review the legal title and information regarding the property on behalf of the new lender
- We arrange signature of the new mortgage documentation
- We arrange for all money to be received from the mortgage lender (and possibly from you depending on the circumstances)
- We complete the new mortgage and pay off the current mortgage
- Flats – if required, inform the Landlord or Management Company of the change of lender
- We check that the previous mortgage is removed from the title and the new mortgage is added at the Land Registry
Equity release may involve discussing plans with those people closest to you to make sure that you will be achieving what you set out to do.
The process will be different where the re-mortgage is happening at the same time as a 'transfer of equity' e.g. one person coming off the mortgage or one person being added to the mortgage. We can provide a quote for such cases and explain the differences in the process (e.g. one party may need advising on the legal title; there may be Stamp Duty to pay).
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