How to Remortgage a House UK
What happens on remortgage completion day in contrast to a first-time mortgage completion? The biggest difference is that you aren’t moving, so you don't need to collect keys or organise storage and onward delivery of your belongings.
Instead, what happens when you remortgage your house is that you apply for a new loan to supersede the first mortgage, which makes remortgaging quicker and less complex than a mortgage.
When can you remortgage a house, and what do you need to do to ensure the transaction completes? The first step is to apply for a remortgage, using an independent broker in most cases to select the ideal product or lender.
Once you have successfully applied, do you need a valuation to remortgage? Much depends on the lender and circumstances, but yes, most lenders will want to revalue the property. They will run through eligibility checks and affordability assessments before they make a formal offer.
How to remortgage a house UK means you'll require a solicitor to manage the paperwork and transactions between the two lenders.
What does a remortgage mean if you are a leaseholder? The process is the same, but you'll likely need the freeholder's consent to proceed with a remortgage application. Your solicitor or conveyancer will handle the title deeds and mortgage deeds, registering the remortgage with the Land Registry.
How Long Does a Remortgage Offer Last?
Once a lender has confirmed their remortgage offer, it remains valid, provided none of the details change, for up to six months. How quickly can you remortgage depends on several variables, but most lenders require four to eight weeks to complete.
How to remortgage a house UK with a convenient completion day is also variable. However, lenders typically like to agree on a date with you that falls on a weekday, and completion can occur up until roughly 5 pm.
What Happens When You Remortgage That Can Cause Delays?
Most of the time, how to remortgage a house UK is straightforward, and your remortgage will complete without any issues. However, being aware of potential problems can help you pre-empt delays and avoid any complications.
What Happens When You Remortgage if the Lender’s Funds Are Delayed?
If the new lender does not remit the funds via your solicitor on time, the remortgage completion can stall. This is unusual, but you could find how quickly can you remortgage is affected by one or two days due to banking issues or software faults.
What Does a Remortgage Mean With a Cash Lump Sum?
Borrowers can deposit cash towards the new property, alongside the remortgage, to reduce their loan value. When can you remortgage a house can be affected if you have not transferred the lump sum in good time or the funds are not yet available on completion day.
What Happens When You Remortgage Your House and Have Paperwork Issues?
Missing paperwork, signatures or forms can all contribute to remortgaging delays. However, your solicitor should triple-check all the documentation and ensure everything is ready to go in advance of the completion day. How quickly can you remortgage is impacted by any paperwork issues, so verifying the accuracy of all the forms and legal contracts is important.
How Much Are Legal Fees for Remortgage Services?
Most homeowners will work with a solicitor or conveyancer throughout the remortgage process – although that isn’t mandatory if you are confident handling all the documents and deeds independently. If you haven’t paid your solicitor's charges, you could find this affects what happens on remortgage completion day if they aren’t prepared to proceed.
Finding Out How Quickly Can You Remortgage
The biggest factor in what happens when you remortgage your house is the lender and remortgage product you choose. If you’re unsure how to remortgage a house UK, what to expect from the process, or don’t know what does a remortgage mean for your long-term finances, please get in touch.
Revolution Finance Brokers are independent, whole-of-market, and provide specialist remortgage expertise to ensure you make informed choices and select the most competitive remortgage options for you.
2023-05-09 
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