There are 5 main steps to a basic remortgage:
Step 1 = Inception
The case is set up, a copy of the title to the property is located and the initial documents are sent out to the borrower(s).
Step 2 = Case Preparation
The completed initial documents are received and processed. These are usually: the Remortgage Questionnaire, Mortgage Deed, Redemption Statement Authority Letter and Mortgage Offer. There may be additional documents depending in the individual case.
Step 3 = Title Check
The legal title of the property is checked to ensure that it is good and marketable and that the new Lender’s interest is protected. Any encumbrances on the title are dealt with.
Step 4 = Completion
On completion day the remortgage monies are received from the new lender and the existing lender is paid off. Any surplus funds are sent to the borrower and any additional payments are made.
Step 5 = Post Completion
An application is made to the Land Registry to update the legal title of the property with the removal of the old Mortgage Lender and the registration of the new Mortgage Lender.
There may be additional steps required depending on the individual case.