Saving Money Mortgages

How do I remortgage?

Step 1: Seek advice

The first step when looking at remortgaging is to speak to a Mortgage Adviser. Community Mortgage Services will advise you on your mortgage free of charge. When remortgaging you need to consider all the costs. This is important, as moving from one mortgage lender to another can include valuations and legal work. Some mortgage lenders offer these free of charge but with others you may have to pay.

We will advise you of any costs and if it is cost-effective for you to remortgage before you commit to making any decisions.

If you are changing your mortgage, it is also advisable to review your protection needs at the same time.


Step 2: Apply for a mortgage

Once happy, speak with us and we will apply for a suitable mortgage on your behalf. The mortgage company will then start to underwrite the application.


Step 3: Valuation

The new mortgage company may wish to visit the property to assess its value.


Step 4: Mortgage offer and legal work

Once all the above is complete and when the mortgage lender is happy with the property and application, they will issue a mortgage offer and send details to the solicitor.

The solicitor will send you paperwork that you will need to sign and return.

The solicitors acting for the remortgage will then conduct all the searches and enquiries required so that the mortgage can transferred to the new company.


Step 5: Completion of the mortgage

Once you have returned all the paperwork to the solicitors a date to complete the remortgage will be set. If you have requested additional finance this will transferred to you.