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Home » Services » Mortgage Services » Remortgages » How to Remortgage

How to Remortgage

Ciarán Power

Last Updated: February 2nd, 2024 at 6:31 pm

Table Of Contents

Introduction

Knowing where to start with your remortgage might seem overwhelming, especially if you’re new to the process. However, there’s no need to worry! Rest assured, we’ve got you covered. In the following sections, we will guide you through each step, ensuring that you gain all the necessary knowledge and confidence to take control of your financial future. With the expertise of our team at Green Mortgages, we’ll help you navigate the complexities of remortgaging and secure the best terms for your unique situation.

Initial Review

The remortgage process begins with an in-depth assessment of your current financial situation. We will chat to you to take some basic details about your mortgage, property and personal situation. Typically, we will ask you to pop through some documents to us, such as your ID, latest 3 months payslips and bank statements. This allows us to review your situation like any bank or building society would, cutting out any hassle later down the line.

Our experienced team will use this information to offer you expert advice that is not just generic but tailored specifically to your needs, so you can be certain about what deals are specifically available to you.

Decision in Principle

Once we have a solid understanding of your financial circumstances, we move towards securing a Decision in Principle. This is a preliminary agreement that indicates the potential loan amount a lender might offer you. As we have access to over 120 lenders across the country, we can source you the cheapest deal from the thousands of products on offer.

We may even be able to secure you a deal that is exclusive to brokers like ourselves, meaning you wouldn’t find a better deal on the high street or on comparison sites. Once we secure you a Decision in Principle, it means that lender might be willing to offer you a mortgage – however it is just an indicative document at this stage.

Application Process

Before we submit a full Mortgage Application, we discuss everything else you may need to know at this stage, such as a full breakdown of the new mortgage, any fees attached, how long the process will take and what we may need from you throughout the process. Once you are happy to proceed, we will submit the application directly to the new lender.

From here, our Admin team will introduce themselves to take care of the application and any queries the lender may have. We work diligently to secure a Mortgage Offer as fast as possible, which is a guarantee from the lender offering you a new mortgage. Your Mortgage Offer is often valid for 6-12 months, which gives you plenty of flexibility and time to line up the new mortgage to complete when your current deal expires. What’s more, if better interest rates become available in this time, we will be alerted, and can switch you to the cheaper product as many times as necessary.

Legal Process

Once your application is approved and your Mortgage Offer is in hand, we will guide you through the legal requirements, ensuring all necessary documents are appropriately signed and delivered. The usual process involves the solicitors doing checks of the following:

  • Your Identity
  • Your Current Mortgage Terms
  • Your New Mortgage Offer
  • Title Deeds
  • Any Property Restrictions

After the above checks, the solicitor will provide a ‘Certificate of Title’ to your new lender to confirm they are satisfied. Once this is done, completion can happen and your new mortgage can proceed.

Protection Review

Ensuring you are protected in case of unexpected events is our top priority when handling every mortgage. Throughout the mortgage process, we’ll keep in touch and discuss effective ways to safeguard your mortgage and the well-being of your loved ones. We offer a comprehensive protection review, covering aspects from life insurance to income protection, to provide you with long-term peace of mind and financial security.

Completion

Once Completion Day rolls around and your new mortgage is in place, you can kick back and relax, knowing that a significant aspect of your financial future is well-secured. Our team will always be on standby, providing you with continued support and advice for any future remortgage needs.

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