Independent Mortgages2 Ltd

Re-mortgaging Your Property

Many of us are looking for a better mortgage deal, or would like to release some of the equity in our home but the process is often not as easy as it first appears.

So what do you need to know before you seriously consider remortgaging?

Where to start?

The first step is to contact us and we can advise you on the best remortgaging options.

We will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or stay put until the penalties have expired.

How do I apply?

We will of course guide you through the whole remortgaging process, which will include:

• An early repayment statement will be needed from your existing lender telling you how much you owe.
• An application form to your new lender will need to be completed, along with details of your income and proof of your identity
• Your new lender values your home
• Subject to all the paperwork being satisfactory, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you
• Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan. Sometimes, a lender will offer free legal work as an incentive.

How long does it take?

The whole process should take about 6-8 weeks to complete however this will vary from customer to customer and lender to lender.

Once you have received a completion statement from your solicitor or new lender, the process has finished and your new mortgage is in place.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Independent Mortgages2 Ltd is authorised and regulated by the Financial Conduct Authority who oversees all financial business in the UK. You can find us on their website www.fca.org.uk. Our registration number is 459687. Our registered address is 31 South Street, Eastbourne, East Sussex, BN21 4UP