Re-mortgage Steps Explained

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Introduction

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Thinking of switching your mortgage to a new lender or deal? That’s called a re-mortgage. Here’s a step-by-step guide to how the process works.

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Step 1: Check Your Current Mortgage
   •    Find out your current balance, interest rate, and any early repayment charges.

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Step 2: Compare New Deals
   •    Shop around for better interest rates or terms. A mortgage broker can help.

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Step 3: Apply for a New Mortgage
   •    Once approved, your new lender issues a mortgage offer.

 

Step 4: Instruct a Conveyancer
   •    Your conveyancer will handle the legal side: checking the new mortgage, redeeming the old one, and updating the Land Registry.

 

Step 5: Redemption of Old Mortgage
   •    Your conveyancer repays your existing lender using the new mortgage funds.

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Step 6: Completion
   •    Your new mortgage begins, and your old one is closed.

 

Conclusion

Re-mortgaging can save you thousands in interest.