A lot of people re-mortgage to bring down their payments and to reduce their monthly outgoings but also of course it can be used to clear existing credit cards, smaller debt or to create finance for holidays, home improvements or assistance in raising a family. You should always check your payments that you are making to see whether or not re-mortgaging is a worthwhile option.
When considering re-mortgage always look at the existing offer to see if there is an early re-payment charge or administration charges that are payable. You have to take these into account when considering whether or not it is worthwhile re-mortgaging. Also you may have to pay an arrangement fee for the new mortgage and of course there may well be legal fees as well.
When instructing this firm to act on your behalf in a re-mortgage you should give the details of your mortgage broker or the lender so that we can contact them directly to ensure the efficiency of a transaction.
We will of course write to you with the standard client care letter and will require your title deeds unless they are held by the Land Registry electronically and details of the existing mortgage.
Whilst the new mortgage offer is being generated by the new lender we wil obtain your title deeds and a redemption statement from your existing lender for a set date to aim for completion. Once the new mortgage offer is received we will then examine the offer and comply with all requirements from the Council of Mortgage Lenders Handbook and of course any special conditions that are attached to the mortgage.
Once we have the figures from your existing lender for the redemption of the existing mortgage and we have a mortgage offer with the amount that they are lending we will then draft a completion statement to show exactly where all the pennies are going and how much is being forwarded to yourselves to check that this agrees with your understanding of how much you are expecting to receive.
Once you have agreed the statement and signed the fresh mortgage deed agreeing to comply with the terms and conditions of the new mortage then of course funds can be drawn down and released to you. Shortly thereafter we will complete the registration process at the Land Registry amending your title deeds to reflect the new lender and provide to you copies of your title deeds that have been amended.
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South Office Suite
Westway Business Centre
Tel: 01179 869790
Fax: 01761 471181
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