If you’ve decided that remortgaging is the right option for you, the next step is to start the remortgage process. Here’s a step-by-step guide:
Check your current mortgage deal: The first thing you need to do is check your current mortgage deal and find out when it ends, how much you owe, and whether there are any early repayment charges. You’ll also need to check your credit score and make sure your finances are in good shape.
Shop around for deals: Once you know your current mortgage details, you can start shopping around for remortgage deals. At Kind Financial, we can help you compare deals from different lenders and find the best option for your needs.
Apply for a mortgage: Once you’ve found a deal you like, you’ll need to apply for a mortgage. You’ll need to provide your lender with information about your income, expenses, and credit history, as well as details about your property.
Valuation and survey: Your lender will arrange for a valuation and survey of your property to ensure it’s worth the amount you’re borrowing.
Legal process: Once your mortgage is approved, you’ll need to go through the legal process of remortgaging, which involves transferring your mortgage from your old lender to your new lender. This can take several weeks and will involve legal fees.
Switch your mortgage: Once the legal process is complete, your new mortgage will be in place, and you’ll start making payments to your new lender.
Remortgaging comes with several costs and fees that you need to be aware of. These include:
- Early repayment charges: If you’re on a fixed-rate mortgage, you might face early repayment charges if you remortgage before the end of your deal.
- Valuation and survey fees: Your lender will charge you for a valuation and survey of your property.
- Legal fees: You’ll need to pay legal fees for the legal process of remortgaging.
- Arrangement fees: Some lenders charge an arrangement fee for setting up your new mortgage.
- Exit fees: Your old lender might charge you an exit fee for switching your mortgage.
It’s important to factor these costs into your decision to remortgage and ensure that the benefits outweigh the costs.
Remortgaging can offer numerous benefits to homeowners, including saving money on monthly repayments, releasing equity from your property, consolidating debt, and obtaining better terms and conditions on your mortgage.
However, navigating the remortgaging process can be challenging, which is why it’s crucial to work with an experienced mortgage broker who can offer valuable advice and guidance.
If you’re considering remortgaging, we invite you to contact Kind Financial to learn more about how we can help you secure the best deal for your needs. Our team of expert mortgage brokers have the knowledge and experience to navigate the remortgaging process on your behalf, ensuring a smooth and stress-free experience. Don’t hesitate to reach out today to take the first step towards securing your financial future. Simply give us a call on 0121 796 6655 or click to send us a message.