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WHAT HAPPENS NEXT?

We’ll guide you through the next steps in remortgaging

Step 1

The mortgage offer will be on its way to you and the solicitor/conveyancer firm. If you haven’t done so already you should have received and completed the ‘remortgage questionnaire’ and ‘mortgage deed’ which will have been sent directly to you by the solicitor/conveyancer firm.

These will have been sent either:

  1. In the post
  2. By Email (you may have to follow a link)
  3. Link via Text

If you have not received this please contact us.

Step 2

On the ‘remortgage questionnaire’ you will be asked when you want to complete, if applicable please ensure you add a date after your current mortgage early repayment charge ends.

If you are expecting additional funds, within the ‘remortgage questionnaire’ you will be asked how much you are expecting and where you would like the additional funds to be sent to you.

The solicitor/conveyancing firm may ask for additional documents, please read the correspondence carefully.

We will check with the solicitor/conveyancer firm that they have received the mortgage offer and your remortgage questionnaire.

Step 3

When you have returned the requested documents to the solicitor/conveyancing firm and are close to the completion date of the remortgage – the solicitor/conveyancer firm will request a redemption statement from your current lender (where applicable).

The solicitor will request funds from your new lender and redeem your existing mortgage. Please note: Remortgage figures aren’t exact and typically there will be a small surplus or deficit, you will be sent a completion statement prior to the completion date.

Step 4

After completion, the lender will write to you with a welcome letter/pack and within this you’ll be advised when and the amount of the first payment due to the lender. You will be given at least 10 working days’ notice as required by the direct debit guarantee.

Please be aware
The solicitor/conveyancer firm represent the lender on the legal side of the transaction and needs to recommend the property as adequate security from a legal prospective in line with the lenders handbook.

We will assist in chasing the solicitor/conveyancer firm however your involvement will be required to provide a smooth process.

If you have any questions please call us on 01273 736536

FAQs

How is the completion date set on a remortgage?

The completion date for a remortgage is agreed between you and your solicitor. Once the lender has issued the mortgage offer and the solicitor has finalised the necessary legal steps, you and your solicitor will agree on a suitable completion date. This will typically be after any early repayment charges have ended on your existing mortgage.

Providing all legal work is complete, you are largely in control of setting the date.

How long does it take from getting a redemption statement to completion?

These two events are not necessarily linked. A solicitor will often obtain an early redemption statement when they first take on your case, and they will request another one when they are ready to complete. They may also ask for a final redemption statement after requesting the funds from the new lender.

Completion can sometimes take place on the same day as receiving the statement, but it is usually at least one working day before.

When is the best time to remortgage?

It depends on your situation, but for most people, it is best to start the process three to four months before your current interest rate ends. This allows you to see what your existing lender is offering to keep you.

If a remortgage is the most suitable option, you can apply in good time to complete on the first available working day after your current interest rate finishes. However, in some situations, it may be better to remortgage sooner. This could be the case if there are no early repayment charges on your existing mortgage and the new mortgage is cheaper, or if the potential savings from a remortgage exceed the cost of any early repayment charges.

What are the costs involved in remortgaging?

There are four main costs that may arise with a remortgage. These are: the lender product or arrangement fee, the valuation fee (often covered by the new lender, but not always), the mortgage broker fee, and the solicitor fee (also often covered by the new lender).

Some lenders may also charge a small funds release fee on completion, which, if applicable, is usually around £15 to £30.

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