How long does a the re-mortgage process take?


Re-mortgaging basically refers to terminating your present mortgage in a bid to take another mortgage deal from different lender or banking institution.Most people opt to do this in a bid to save money on their mortgage especially if their financial capability is at stake.

How long does re-mortgage take?

Basically, each mortgage company has its own terms and conditions which govern the amount of time required to finalize the process. However, on average, it takes between 4-8 weeks depending on the manner in which the issue is handled by the company.

Here is a look at some of the aspects that a re-mortgage process entails.

Legal Work

 In most cases, the legal aspects that are involved in re-mortgaging are less as compared to buying a new house. This is one of the main reasons why legal fees charged by attorneys specializing in this niche are usually lower. In fact, the lender may decide to cater for the legal fees on your behalf in a bid to establish a cordial relationship and lure other prospective clients.

Valuation Process

The new lender or mortgage provider will first review your home to determine its true value in the current real estate market. This information helps them to make informed decisions and avoid losses. Note that real estate market is very versatile and prone to various market forces such as inflation.

What you need to apply?

Some of the details that you need to successful apply include your current bank account details, specific details of your property, name of mortgage plan you’re applying for, National Identification Card, latest mortgage statement from existing lender, proof of employment and redemption statement from current lender.



Look at Your Current Insurance

It’s a good idea to review your current life and home insurance cover as your apply for re-mortgage. If you will be paying for any home renovations, it is recommendable to ensure that your current policy covers the increased value. Also, it’s worth taking another policy such as income protection insurance to help you pay monthly premiums if your income is reduced or stopped. Be sure to read the specific terms and conditions even when applying for life insurance to be sure that its suits your needs.

Lastly, before signing the new mortgage agreement, it is highly recommendable to read between the lines to avoid any surprises later. If possible, seek mortgage advice from a professional financial analyst to make the best decision.

If you need more info please visit us @ www.mortgageadviceservices.co.uk  or call us on telephone number 01332 257 087 for a free quote today.

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