Steps in remortgaging
Best Remortgaging, Problem Remortgaging, we can help.
Step 1 Ask your current lender if you can have an advance.
Step 2 Check if your lender charges a redemption penalty
Step 3 Get one of the Mayfair Consulting Mortgage Brokers to find you a better Mortgage deal.
Step 4 Subtract any redemption penalty and other costs such as property valuation and solicitor's fees from the savings you could make. If you can still make savings, then it's probably worth while going ahead with a remortgage.
Step 5 Once you've chosen a mortgage we have advised you to take we will need to fill in an application form, send it to the lender will make you an offer in principle
Step 6 The lender will arrange to carry out a valuation on your home
Step 7 Once the lender has received the valuation report it will make you a formal mortgage offer. This will be sent to the solicitor
Step 8 You will need to contact a solicitor to carry out the conveyancing, Mayfair Consulting can recommend you a solicitor in your area.
Step 9 Your solicitor will negotiate with your existing lender and obtain a redemption statement.
Step 10 If you are happy with the offer then it is just a matter of signing the documents
Step 11 Once your mortgage has been successfully transferred you will get a completion notice which will confirm your new monthly payments.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
