Steps to completing your remortgage

Remortgaging is considerably easier than moving house in the UK, as the deeds are already in your name. It can take between four to six weeks for the remortgaging process. Once you have identified the best remortgage deal for you, then you can start your mortgage application:

1. Property valuation
   Your new lender will need a valuation to ensure the value of the property is sufficient for them to lend on.
2. Mortgage application
   You will need to complete a mortgage application, in the same way you did when you first bought your property.
3. Mortgage offer
   Once the application has been received, the underwriters will review the document and will require evidence that the current loan is up to date. If the application is successful, your new lender will make you an offer.
4. Conveyancing work
   Your new lender will instruct solicitors to complete the conveyance work. This is where the solicitors will complete local searches and a report / title will be sent back to the lender.
5. Previous lender paid
   The final step is to ensure your previous lender has been repaid when the new mortgage funds become available.

Related articles:

• Can remortgaging save me money?
• Costs involved in remortgaging
• Remortgage rates
• Buy to let remortgages