Re-mortgaging is the process of paying off one mortgage using the proceeds from the previous mortgage, but still against the same property. There are many reasons you may decide to venture down this route, many lenders use grand incentives to tempt you to switch providers or it may be that you need access to some extra funds to pay off another debt or to make a substantial purchase.
Interest rates are also continually changing so it is often wise to keep an eye on these and look at re-mortgaging when you can take advantage of the best deals. Please remember however that it is always sensible to get professional advice on any types of re-mortgaging as should there be any problems with the mortgage you choose you will have more rights should you make a claim with the Financial Ombudsman.
At Pengelly & Rylands our conveyancing team are experts in navigating your journey successfully through the process and will make sure you are kept up to date every step of the way.
- explain the terms of your new mortgage so you understand what you are signing up to and any additional liability you will have;
- carry out legal checks against your property to satisfy the new lender that everything is in order;
- ask your existing mortgage provider to confirm the amount needed to settle the debt owed to them, including any early repayment charges you will have to pay;
- obtain consent to the re-mortgage from anyone with a debt secured against your property which will not be paid off when the re-mortgage funds are released;
- advise on any steps you need to take alongside the re-mortgage, such as speaking to a financial advisor to arrange a repayment plan for interest-only mortgages, getting ownership of the property transferred into your sole name where you alone will be responsible for mortgage payments, and paying stamp duty land tax where applicable;
- complete the re-mortgage paperwork;
- receive the re-mortgage funds and use them to pay off your existing mortgage and any other debts, costs or expenses you authorise;
- ensure details of your existing mortgage are removed from the property register held by the Land Registry and that details of your new mortgage are noted instead; and
- forward you the balance of the re-mortgage monies on completion.
Advising individuals throughout Tenterden, Kent and beyond
We have offices in Tenterden, Chatham, Tonbridge, Gravesend and Maidstone where we can meet you to discuss your requirements.
We can also offer meetings at your home if necessary, and in exceptional circumstances a telephone appointment can be arranged via skype.
The cost of dealing with a remortgage will depend on the circumstances and whether there are other related matters you would like us to attend to. We are happy to provide a quotation after discussing your requirements.