Remortgaging is much simpler than buying a new home because the deeds of the property are already registered in your name. If you choose to change to a different deal with your existing lender, the process is even simpler.
And if you do choose to switch to a new lender, only a few steps are involved. If you choose to remortgage with Charcol, even these few steps involve minimal hassle, since we help manage the process by liaising with lenders, valuers and solicitors on your behalf.
The lender will require a valuation to ensure the value of your property is sufficient for them to lend on. Property prices can fluctuate over a short space of time so that, even if you're remortgaging a year after purchase, you could still see a change in your home's value.
You'll be required to make an application to the lender in the same way as when buying a property. The application has to be underwritten by the lender, who will require evidence that the loan to date has been maintained. They'll then issue you with an offer.Conveyancing work will need to be carried out, and many lenders will only instruct a firm of solicitors with two or more partners. During the conveyancing process, local searches will be conducted and a report and title will be sent to the new lender.Finally, the solicitor will ensure your previous lender is repaid when the new lender releases the new mortgage funds. If you're borrowing additional funds, the solicitor will release these to you on, or shortly after, completion.