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Remortgaging is the process of switching product to get a cheaper deal or to access some of the equity you've built up in your home. Our guide can help you decide how and when to do each of the essential steps to get the right deal for you.
From starting to think about whether to remortgage to completion is usually 4 months - here's the key milestones and the steps you'll need to take.
Think about why you want to remortgage
It may be to get more flexibility, to consolidate debt, borrow more to complete home improvements or just simply to get a better interest rate. Because this process takes time to complete, starting your thinking 4 months before your current product ends will ensure you move to a new product in plenty of time.
Get in Touch
Call us on 01635 745025 or email info@hexagonfs.co.uk to book a free meeting with an independent adviser. We'll ask you to complete some initial information to understand your individual situation and then can sit down with you to go through this in more depth. We will be able to advise you whether remortgaging is right for you and what your options are.
Choose a product
As an independent mortgage broker we are not tied to a particular lender and can compare thousands of deals. We can advise you on how much you could save, looking at the whole picture, taking penalties and fees into consideration and pull together a detailed recommendation of the best product for you. We'll also speak with your existing lender to check what they can offer where possible.
Make the application
Once you've made your final decision, your adviser will submit your application for you, managing it from start to finish. We'll explain any checks that are involved, such as credit checks or property surveys and when you can expect each stage to happen.
Instruct your solicitor
Your solicitor will handle the paperwork and arrange transfer of funds once your mortgage completes. This part can take 4 to 6 weeks to complete. At Hexagon, we will liaise with your solicitor on your behalf and chase up outstanding items for you. Depending on the new deal, very often lenders will either appoint a solicitor on your behalf, or provide you with a monetary contribution towards the costs - saving you money.
Dot the 'i's and cross the 't's
In the last week before completion, funds are requested from new lender and all paperwork is finalised. You are now on the road to completion! One tip to remember is not to cancel your previous Direct Debit until advised by your solicitor as this can cause issues. Any surplus funds will be transferred to you on completion day.
At Hexagon, we manage the whole process for you ensuring this is as smooth as possible. If you're thinking of remortgaging or just need some advice give us a call on 01635 745025. We're always happy to help.
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