Mortgage Blog: Three Steps To Getting The Right Remortgage

Thousands of people remortgage their homes every year

. Perhaps you're coming to the end of a fixed rate with your current lender? Or, maybe you want to borrow additional money against your home to consolidate debts or to undertake home improvements? Whatever the reason you want to remortgage, our three-step guide will help you.

1. Consult a mortgage broker

Your first step should be to seek professional advice from a mortgage broker. Brokers have access to thousands of deals, including mortgages which are not available on the high street. Your mortgage broker will be able to look at the options with your current lender and with other banks and building societies. They will also make sure you don't have any early repayment charges for repaying your mortgage with your current lender.

Make sure you understand any fees and charges that accompany your remortgage. For example, you may have to pay an arrangement fee to the new lender for a fixed- or discounted-rate deal. You may also have to pay a valuation fee or legal fees. And, your existing lender may charge you an administration fee for ending your mortgage with them.

Make sure your broker explains any fees and charges to you.

2. Apply for your chosen remortgage

Once you have found the right remortgage deal for you, you then apply for your remortgage. A lender will often offer a 'decision in principle' service where they will credit score your application and give you an indication of whether they can lend. Your mortgage broker will look after this on your behalf.

Once your remortgage is agreed in principle, the valuation of the property is undertaken. You will also have to complete some forms and provide some proof of income, bank statements and identification to the new lender. Again, your mortgage broker will generally look after the administration of your remortgage for you.

3. Complete on your terms

Once the remortgage process is under way, make sure you keep in touch with your mortgage broker. They will help monitor the remortgage process in order to ensure that your deal completes when you want it to. For example, you may want to delay the completion of your remortgage if you're waiting for an existing fixed or tracker rate deal to end. Conversely, you may need your remortgage to complete quickly if you have to pay for home improvements. Keep in touch with your broker on a regular basis so you know what is going on.

by: Keith Osborne

POST COMMENT

A Look At The Asus Eee Pc 1215n Notebook The Beautiful Dream Of Isabel Marant Eco Amical La Faon Dont Sont Gnralement Air Max Chaussures Ones Et Des Bottes? Know Your Crossbow: Review Of Crossbow Parts Of Various Crossbow Styles Peace Of Mind For Bidders Types De Saucony Formateurs Evening Dresses 2012 Make Ladies Relax Starting Up Your Own Forum Is Really A Great Way To Earn Cash On The Net Mazda 3 Deals: Where Do I Find The Cheapest Prices? Tutoring Complex Subjects What Exactly Is Ntb Tire Specials? Should You Put Carpeting Or Wood On Your Floors Choosing A Pool Supply Store