4. Contacting your current lender
We’ll contact your current mortgage lender to get an initial redemption statement (which tells us how much it would cost to pay off the mortgage), as well as any property deeds they might have.
5. Mortgage offer
Once we receive the mortgage offer from your new lender we will review this and send the mortgage deed for you to sign. The mortgage deed is the contract between you and your new mortgage lender.
6. Checking the title deeds of your property
The title is the legal document that shows the rights of ownership of your property, if there are any mortgages or loans secured on it, as well as any rights and restrictions (known as “burdens”) on it. We’ll check this thoroughly and have to inform your new mortgage lender if we find something they need to know about. We would always let you know first if this is the case.
7. Performing searches
We may need to carry out searches (such as water and drainage, environmental and local authority searches), if your new lender insists as a condition of your mortgage. Alternatively we can obtain search insurance if your lender accepts this.
8. Ensure conditions of the new mortgage are met
When your lender makes you a mortgage offer, this will be on the understanding that their lending conditions are met. It’s our job to confirm to the lender that their conditions have been satisfied.
9. Request an updated redemption statement
As it may have taken a few weeks since we first contacted your lender, we will request an updated statement that tells us what it will cost to repay your current mortgage.
10. Agree a completion date
We will agree the date we are working to complete your remortgage on. Then we will let your new lender know and request the funds from the new mortgage to be sent on the date of completion.
On the day of completion we receive the money from your new lender, ensure that your current mortgage is repaid, and then pay any remaining money to you.
12. Registering your new lender on the property title
We will ensure that your old lender is removed from your title deed, and that your new lender’s charge is registered on it (a “charge” is a legal claim on a property). Once this has been updated we will send you a copy of your updated title deeds.