Like to shop around for the cheapest broadband deal or best mobile phone contract?

Why not use the same tactic for your mortgage?

Remortgaging is often associated with accruing more debt. And yes, whilst it is a way to release equity in your property (i.e. borrow more and pocket the cash) – for most people, it’s just about bagging a good deal and reducing their monthly repayments.

By choosing a different lender, you could be rewarded with huge savings. And switching isn’t as complex or stressful as you might think. In fact, with the help of our expert conveyancing solicitors, the process of remortgaging is super easy and could take as little as 4-8 weeks.

5 steps to remortgage a house

  • Do your research

Rule 101 when remortgaging your house – shop the market.

Hundreds of mortgage deals are available with different banks and building societies in the UK. And to find the right one for you, it’s always worth doing a comparison.

The key is to look for the best rates – as, ultimately, this will translate to lower monthly repayments. But you should also keep in mind any costs associated with the move, such as early exit fees and admin charges. Do the sums and ensure that overall, switching will be financially worthwhile.

  • Get a ‘Decision in Principle’ (DiP)

The next step of the remortgaging process is to contact your new lender for a DiP.

This will give you a clear idea of how much you can lend.

They’ll ask a few questions about your current circumstances and run a soft credit check (i.e. one that doesn’t impact your credit score) to review your credit history. And based on this information, they’ll calculate the maximum amount you’re allowed to borrow at present. A DiP is not a guarantee that your mortgage application will be accepted, but it will help you to understand your options and what you may be able to afford.

  1. Apply for your new mortgage

Having obtained a DiP, you can then apply for your remortgage. This can usually be done online or over the phone. The application will involve a full credit check and you’ll be asked to provide a number of documents, including:

  • ID (such as a driving licence or passport)
  • proof of earnings
  • details of your outgoings
  • any financial commitments

Your new mortgage lender will also arrange a valuation of your property. 

Providing that the results of the credit check and valuation are satisfactory, a mortgage offer will then be made – which is typically valid for 6 months for you to review and accept.

  • Contact our conveyancing solicitors

This is where we come into the process.

Once an offer has been made, you’ll need to instruct a conveyancing solicitor – such as St Helens Law – to oversee the remortgaging conveyancing on your behalf. We will:

  • obtain a redemption statement from your current lender
  • check that your new mortgage amount is enough to pay the final balance
  • check the title deeds of your property
  • check the terms of your lease to ensure it complies with your new product
  • check the terms and conditions of the mortgage offer
  • apply for local authority searches
  • send the certificate of title

Ultimately, our role is to manage all legal aspects of the process – checking that everything is in order and ensuring your move to a different lender is as smooth and efficient as possible.

  • Wait for the completion date

The final step of the remortgaging process is pretty much the same as buying a new property.

A completion date will be set, when your new mortgage will start and the old one is repaid. Our conveyancing solicitors will manage the transfer of funds. And you’ll receive correspondence from your new lender regarding the date and amount of your first new mortgage repayment.

Your solicitor will then also register the new mortgage with HM Land Registry.

It may take some time for the title register to be updated, particularly if the property is leasehold. But this will not affect the date when your new mortgage deal will start.