Step One: Research
Shop around and get the best deal for you. Look at the terms and conditions of your existing mortgage. It is highly likely you'll have to pay any fees for paying off your mortgage early. However, it’s important to assess the pros and cons thoroughly before considering to remortgage.
Step Two: Instruct a conveyancing solicitor
Once you've got a remortgage offer in writing from your new provider, you need to instruct a conveyancing solicitor. They will represent you on your behalf.
The conveyancing solicitor will begin to do all the relevant searches and then check the Title Deeds with the Land Registry.
The banks may offer you a solicitor from their panel that may appear cheaper than your local firm. Very often they are call centre based conveyancing firms who can be very slow to react. We've seen clients lose a months mortgage payment because they just can't get hold of anyone. The ID forms can be complex and at Banner Jones we will help you through it all, step by step. Leave the paperwork to us.
Step Three: Redemption Statement
Your conveyancing solicitor will obtain a redemption statement from your current lender. This document requests that you wish to pay off your existing mortgage. You will be required to sign the mortgage deeds from your new lender.
Step Four: Completion Day
On the day of completion, the conveyancing solicitor will receive funds from the new lender. Then pay the mortgage balance and other fees to your old lender. Any left-over money will be sent to you.
Once the old lender has received the funds, they will remove themselves from the Title Deeds.
The conveyancing solicitor will contact the Land Registry and request for the old lender to be removed from the Title Deeds and replaced with your new mortgage provider. The updated Title Deeds will be sent to your solicitor and then sent to you.
Flying Start