STEP BY STEP GUIDE - REMORTGAGING

1) Consider whether you want to borrow any further funds or just do a straight switch.

2) Using the guidance of Footstep Mortgage, consider which schemes are the best suited to you.

3) Finalise your mortgage arrangements and make a REMORTGAGE APPLICATION through Footstep Mortgage.

4) Instruct a Conveyancer (NOTE; Many lenders offer a free legal service with their remortgage schemes by instructing their own conveyancer).

5) Your chosen lender will assess your application, including credit searches. and instruct a property valuation.

6) Once the lender is satisfied with your application, they will send you a formal MORTGAGE OFFER. This will detail exactly what they will lend you, and on what terms.

7) Your Conveyancer will confirm with you that all the legalities have been dealt with, and a date for COMPLETION.

8) On COMPLETION, the Conveyancer will draw funds from your new lender, and repay your existing lender. If you are borrowing further funds, these will be forwarded on to you by the Conveyancer, normally in the form of a cheque.

9) Your new lender will write to you confirming what payments are due, and when you should pay them.

See Also:

First Time Buyer
Moving Home

REMEMBER – Footstep Mortgage are here to help you throughout this process, and are happy to offer guidance to all our clients at any stage.