Guide to Remortgaging
This guide provides brief background information on remortgaging and how Foot Anstey can assist you in the process.
What is remortgaging?
A remortgage is when the original mortgage(s) are repaid, and a more favourable mortgage is secured against the property. This is normally due to a rise in the value of the property, when the borrower increases the amount they originally borrowed.
What will I require to proceed with a remortgage?
There are several stages to undertake a remortgage but these factors must be considered:
• MORTGAGE
You must have finalised your financial arrangements, e.g. received confirmation of a mortgage loan from a mortgage lender to enable you to proceed.
• LOCAL SEARCH
Normally satisfactory results of local and other necessary searches will be required. A standard search can take approximately two weeks to be completed by the Local Authority.
• PLANNING
The planning history of the property must be satisfactory. If any extensions to the property or any alterations have been made to the original structure which required either planning permission or building regulations approval you will normally be required to provide documentary evidence.
• BUILDINGS INSURANCE
This will normally be required for a transaction to proceed.
• MORTGAGE DEED AND OCCUPIERS CONSENT
These will need to be completed a signed before monies can be released.
• LIFE INSURANCE
Your mortgage lender may require endowment or term assurance policies to be assigned to it as collateral security for the Mortgage and it will not release loan monies until such policies are in force.
• RELEASE OF MORTGAGE FUNDS
The mortgage loan is normally drawn down by cheque or telegraphic transfer.
What services can Foot Anstey offer?
We can assist with all stages of the transaction, including advising and completing many of the requirements mentioned above. We can discuss mortgage arrangements with you, report on issues raised in searches and ensure a completion date is set. Upon completion we will attend to all the formalities meaning there is no necessity for you to attend our offices.
If you would like any more information on our remortgaging services please contact us
This guide is provided for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for specific legal advice. All details are subject to change. © Foot Anstey 2007. All rights reserved.
If you are buying a 'new home' our specialist New Build team can help , or if you prefer a more tailored face to face approach visit Classic Move.
