A lot of people find it easier to re-mortgage their homes when they want to purchase another property because not everyone has the money to simply buy another property at will. The re-mortgage process is quite similar to the steps that you take when you want to buy a house. In order for the remortgage process to go smoothly, you will need a financial adviser whose responsibility will be to offer you mortgage advice.
It is important that you have a discussion with your financial adviser about issues such as income details, finance requirements and your financial and personal situation. After you have had this conversation, the adviser will be in a good position to recommend the ideal product for you. He will also be able to recommend the ideal lender and can proceed to submit your mortgage application.
Once the application has been submitted, the lender will assess it thoroughly and the application will be valuation instructed. If you qualify, they will issue an offer on the final stage. What normally happens is that your broker might actually propose a deal that comes with a free valuation as well as free legal costs in those instances where the lender will be able to cover both the legal and valuation costs. It is the responsibility of the conveyancing solicitor to deal with the last part of the re-mortgage process.
This solicitor is selected and paid by the bank and he is responsible for requesting the money from the lender which you will receive. So, you can always remortgage your home in order to buy another property as long as you meet the requirements of your lender. Plus, if you decide to do so, you should seek the advice of a financial adviser. However, this decision should never be taken lightly. Careful thought and planning is advised before remortgaging your property.
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.
Labels: mortgage advice, mortgage advice nottingham, the re-mortgage process