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Your existing mortgage deal has come to an end and you would like to shop around and make sure you are getting the best value for money. That is exactly what we are here for! We will make the process as smooth as possible for you.
For our home purchasing process, please click here about our home purchase process.
1 – Free initial meeting
The first step is to book your free of charge initial meeting to discuss your circumstances. We will cover how the process works, the fees involved and get to know you a little better. Whether you are experienced in the world of mortgages or still feel unsure, you can ask any questions and we will do our best to provide the answers.
2 – Get to know you and your situation
If you are happy to continue at this stage, we will conduct a fact-find with you at the end of the initial meeting. This involves determining some details related to your existing mortgage and financial situation including income and expenditure. We will also take the time to understand your feelings around different repayment methods and products available. Our job here is to make sure you understand your options and are clear on the pros and cons of each one.
You will hopefully have a statement from your current provider that details the value outstanding on your existing mortgage. This will be important so we can discuss how much you would like the new mortgage to be for.
If you do not already have a solicitor in mind, it is recommended to find one at this early stage. However, if you are to be staying with the same provider, this is known as a product transfer and won’t require a solicitor.
3 – Obtain Agreement in Principle
Using the data gathered from you, we will then get to work finding you the best possible deal. We search across the entire market so you know we only have your best interests at heart. Once we have found the lender that is offering a suitable mortgage, we will work with you to obtain an Agreement in Principle (also called a Mortgage in Principle, Decision in Principle or Approval in Principle).
This document confirms how much you are likely to be able to borrow. In order to apply, we will use your details such as income, expenditure and address history. They are fast to obtain and usually last for 90 days. We will process everything from our side as soon as possible so you are not left waiting.
4 – Instruct solicitor
Now is the time to let your solicitor know about your progress as they will need to start their roles, including:
5 – Submit mortgage application
Before completing the application forms, we will provide you with the mortgage illustration, which clearly details all the information relating to the product you are considering. We can give you two or more if you are still unsure of which product to go for!
Now the real paperwork begins, but don’t worry! We will complete as much of the application as possible and only lean on you when we need to confirm details or obtain signatures. We will need you to carefully read through the documents to ensure everything is correct. At this stage, the first part of our fee will be due, but you are able to reclaim this if the process breaks down through no fault of your own.
You may be thinking that you already have your Agreement in Principle, but that is not an obligation from the lender and is only to be used as a guide for affordability.
The lender will review your application as well as carrying out a valuation on the property. This is to make sure that the property is acceptable to be borrowed against and that there is sufficient value in the property to cover them in case you fail on your repayments. You should expect to hear from the lender within 3-6 weeks depending on the lender and the complexity of your situation.
Rest assured that we will chase the lender regularly to ensure that you receive your offer as soon as possible.
6 – Thoroughly check offer and special conditions
We will of course do the same, but it is important you also have a careful read through the mortgage offer and ensure all details are correct and the terms are as you expected. Anything you are unsure of, please let us know so we can clarify for you.
The mortgage offer is not binding on you, so it is not too late to change your mind at this stage. Perhaps you have decided to take out an interest-only mortgage instead of repayment or vice versa. It is most certainly best to decide that now than after you have commenced the new mortgage. There may be special conditions that are specific to your offer. One example is a requirement for you to pay off your credit card before the mortgage can be completed.
7 – Finish current mortgage and commence new deal
Once you are happy to proceed and have signed the relevant documents, your solicitor will draw funds to pay off your existing mortgage. The Land Registry will be updated and your new mortgage will commence.
Congratulations on your successful remortgage!
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Consilium Asset Management are Independent Financial Advisors (IFA) based in Bristol and are authorised and regulated by the Financial Conduct Authority. More information can be found on the Financial Services Register under Number 469507. Registered Office: Vayre House, Hatters Lane, Chipping Sodbury, Bristol, BS37 6AA.