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The Remortgage Process – Step by Step

By: Robert Prime

While the remortgage process may take some time to complete, it is usually worth the time and effort to secure a better deal on your loan. The process can also go much more smoothly if you know what to expect. The following are the basic steps to applying for a new remortgage. The steps may change slightly, based on your specific situation and the requirements of your lender.

First, talk to your current lender to get a redemption quote and find out what your options might be with that institution. Many banks and building societies offer better deals to current customers that are considering leaving for another institution. If you can keep your mortgage with the same company, it may save you both time and money in the remortgaging process. If your current lender doesn't offer you the deal you want, it is time to head to other banks to see what they can do for you.

Even if you like the deal your current lender offers, it still pays to shop around to see what else might be available. When you begin to collect the rates at different institutions, be sure you are comparing apples to apples. For example, if you are looking at a tracker mortgage, find out how the rate is calculated according to the Bank of England base rate and what the term is. You also want to compare LTV (loan to value ratios) and fees associated with the loans to ensure you get the best deal overall.

Once you have the nuts and bolts in place in terms of rates, monthly payments and fees, you can work out the calculations to determine if remortgaging is worth the time, effort and expense. Determine how long it will take you to begin to see the advantages once you have paid the fees and charges to move your account. If the deal is worth your while, it is time to pursue the remortgage with the institution you choose.

A mortgage application can be done online, over the phone or in person at a bank branch. You will probably need documentation for your current loan information, income amount and other monthly expenses. You will also need to authorize the bank or building society to pull a credit history to make sure you don't have any late payments or IVAs on your record. A valuation will be done on your property to ensure you have enough equity to qualify for the mortgage loan. Once the bank has all the paperwork and documentation it needs, the approval and underwriting process can begin.

Most remortgages can be processed within four to eight weeks. During this time, you may or may not be in regular contact with your new lender. If you don't hear from the bank, it is a good idea to call weekly and see where they are in your mortgage loan process. This gives you the opportunity to address any concerns or issues right away so the process progresses as quickly as possible.

Once your loan application is approved, you will be able to close your loan. This involves signing a number of documents and is often done in person. When the loan is completely signed off, your previous lender is paid off, and you can begin to enjoy the savings that your remortgage efforts provide.

Article Source: http://www.moneyarticlelibrary.com

Robert Prime is an investment advisor and finance expert. He is currently the CEO of Pinkpg Ltd., a UK based company that offers various financial services. REMORTGAGE Online compares the best deals of remortgage options in the UK market. www.remortgage.com/ www.remortgage.com/articles/remortgage-process.php


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