If you remortgage with your current lender, by simply moving to a new rate or deal, it’s considered a “product transfer” and requires no additional legal work. Otherwise, yes, a remortgage will require you to have a solicitor or conveyancer, to help with the legal side of things.
What does a solicitor do when you remortgage?
Once the remortgage has been confirmed, a solicitor manages a new charge being registered against the property. This entails removing the charge instated by the previous lender and is done by updating the title held by the Land Registry. A solicitor will also be instrumental in the transfer of funds.
Can I do remortgage myself?
In fact, you can remortgage in whatever way best suits your needs, preferences and circumstances. Direct or broker? One of your first decisions should be whether or not you want to apply for a new deal directly with a lender, or via a mortgage adviser.
What is needed to remortgage?
Your last three years’ accounts/tax returns (if self-employed) Proof of bonuses/commission. Your latest P60 tax form (showing income and tax paid from each tax year) ID documents (usually a passport)
What documents are needed for remortgage?
Documents required for a remortgage
- Your last three months’ bank statements.
- Your last three months’ pay slips.
- If self-employed: your last three years’ accounts/tax returns.
- Proof of bonuses/commission.
- Your latest P60 tax form (showing income and tax paid from each tax year)
- ID documents (usually a passport)
When should I start thinking about remortgage?
With that in mind, you should start looking for a remortgage deal around three months before your current rate ends. This will give you enough time to do your research and complete the application process so that your remortgage deal begins just as your old deal ends.
How many times can I remortgage?
As long as you have sufficient equity to meet the requirements of the lender, you can remortgage as many times as you like. Surprisingly, it is also possible to remortgage as often as you like, as well.
How long does it take to remortgage?
Get ready to remortgage
The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you’ll need to speak to one of the lender’s mortgage advisers, who are qualified to advise you about the best deal for your needs.
How does remortgage work UK?
Remortgaging is the process of moving your mortgage on your existing property from one lender to another. Your new mortgage will then replace your old one. You may want to remortgage if you’re: coming to the end of your existing rate.
How do you calculate remortgage?
Simply put, LTV or Loan to Value, is the difference between the value of the property and the size of your mortgage. When it comes to working out your loan to value (LTV) for the purposes of remortgaging, divide your outstanding mortgage amount by your properties value and then multiply by 100.
Can I do remortgage online?
You can complete your mortgage application online, at your own pace and in the comfort of your own home.