A re-mortgage is moving your existing mortgage to a new lender to receive a better rate of interest or to release equity. A mortgage is the same process but where there is no existing lender.
We know that you want to get things moving as soon as possible. That is why we aim to complete all standard re-mortgage work within a short period of receiving your mortgage offer from your lender.
On receipt of instructions, we will:
- Acknowledge your instructions and open the file
- Request identification from you if not received from your introducer,
- Request title deeds and details of freeholder if leasehold.
- Send your mortgage documents to you,
- Request any searches or details required in your offer,
- Request an up to date redemption statement,
- Set a completion date,
- Make sure all mortgage conditions requiring our attention are complied with,
- Report on the title to your lender and request funds,
- Inform all parties of completion date.
On completion, we will:
- Receive your funds from the lender,
- Confirm redemption amount with your existing lender,
- Finalise completion,
- Release funds to relevant parties,
- Pay you any balance due,
- Deal with the registration formalities.
Signing the mortgage deed
Before we complete your re-mortgage, we will send you a mortgage deed to sign in front of a witness. This shows that you accept the terms and conditions of the mortgage which is then secured against your property. If you do not keep up your payments the lender would have the right to take proceedings against you. This can lead to repossession proceedings which could mean that you would lose your home.
Not every re-mortgage case will be straight forward. Where multiple parties are involved or special circumstances occur, then specific rules and requirements will apply.