remortgage process????

myright

question is for a friend. If he was to get a remortgage for house improvement. Hes got planning permission etc for an extention. Hes already paid 90 odd percent of his mortgage. What will be the procedure? He needs an additional loan of 70 k. His house is worth 130k currently. And how long does the remortgage process take generally? And what is the process?

myright

Bump. ...............

kingstreet

He selects a lender.

He applies for the mortgage he needs (current balance + required extra borrowing)

Lender processes application and valuation is done

Mortgage offer issued to borrower and solicitor

Solicitor arranges completion date, obtains funds from new lender, repays old lender and forwards residual funds to borrower.

Takes 4 - 6 weeks, usually.

myright

Thank you very much for the instrumental infornation! Would all the steps above still apply to if you was to remortgage with the same lender?

kingstreet

That isn't a remortgage.

If he wants additional borrowing from his existing lender he applies for it, they decide if a valuation is necessary.

Eventually, an offer is issued and if accepted the money is released.

Suggest borrower asks own lender how that lender's process works as not something a broker normally gets involved in.