ID checks

The first thing your solicitor will ask for is proof of ID. This is necessary to satisfy regulatory and anti-money laundering requirements.

Take instructions

Your solicitor will then obtain and confirm all instructions before starting work on your remortgage using a simple questionnaire.

Gather details

Next we will gather details of your existing mortgage and your new mortgage, so that we can assess how much you need to borrow from your new lender to pay off your old. We will also assess any exit or product fees that might be payable.

Searches

It might be necessary to carry out searches on your property. Some lenders require this to ensure there is nothing that could affect the property’s value. However, lots of lenders accept search insurance, which is a cheaper and quicker alternative.

Valuation

Your new lender will carry out a valuation of your property to ensure it is worth the amount that they are lending and will give this to your conveyancing solicitor, along with your mortgage offer.

Reviews and checks

The next stage of the process is for your solicitor to review all of the terms of your mortgage offer and to raise any questions or issues that they might have.

Signing

Once all parties are content with the detail, you will be asked to sign your new mortgage deed.

Completion

Completion takes place when your solicitor receives the funds from your new lender to pay off your existing mortgage.

Land Registry

We will update the Land Registry, informing them that a remortgage has taken place.

Typically, the whole process takes 4 weeks.