If you are looking at taking out a second mortgage you may be wondering how long the re-mortgage process takes. The truth is that it varies from individual to individual based on their financial circumstances but overall, the re-mortgage process takes between 4 and 8 weeks. It begins when you find a suitable lender and hand in your application. Once they look through your finances and decide that you are good for it they will give you what is known as an Agreement in Principal. This is not an indication that they will lend you the money – they are only inviting you to fill in a more detailed application.
In the second application there are several things that you will need: you will provide details about your property, what kind of mortgage product you would like to get, your bank details, ID and address, proof of employment, assets, your current mortgage statement and also a statement from your current lender confirming that they have allowed you to terminate your mortgage with them.
The lender will then schedule an appointment to come in and do a valuation on your home. In some cases, they do what is called a drive-by valuation which means that they don’t have to come to your home to do the valuation but rather do it in their offices. Next is conveyancing and the fees are cheaper than you paid in your first mortgage. To make themselves more attractive some lenders offer it for free. The next step is to review your homeowner’s insurance. If your property is found to have a higher value than when you bought it then you will need to get a different premium. Once this is done and the lender is happy with everything that they see they can then give you the funds.
As you can see, the re-mortgage process is not a very simple one and it also tales time. If you need help there is no better place to go than Mortgage Advice Services, a premier Nottingham re-mortgage service. They will help you find a lender, they will help you fill out the forms and they will also find you a re-mortgage that you can afford. They do all these things with your full financial picture in mind. Their job is to make sure that clients get re-mortgages that suit their financial situation. You can find out more on their website, http://www.mortgageadviceservices.co.uk/Labels: benefits of re-mortgaging, re-mortgage advice, re-mortgaging fees, re-mortgaging properties, the re-mortgage process