Remortgage - how long and what's involved

Humphrey2012

Hi - sorry to be so clueless, but our mortgage deal ends soon and we will be looking to re-mortgage, with a broker, to get the best deal and fix for a good while.

I wasn't sure what was involved with a re-mortgage. I know it's a different bank and new loan, but will they need to do all of the searches and surveys that were done when we bought the house or is it faster?

We are in a 1970's 3 bed semi so not an unusual house or anything!

Thanks in advance.

amnblog

Much quicker than a purchase, no searches.


Most deals offer free valuation and fee legal fees.


If it is low loan to value the property might be valued without anyone knocking on your door.

Contemptuous

Searches won't be performed again as they've been done, however the new lender will need to ascertain the value - they'll either send someone to your property or use a database to determine this.

Humphrey2012

Brilliant thanks! Loan to value will be about 70% I think. We've added a conservatory but it's debatable whether that adds much value I suppose.

Sounds like it won't be so much of a headache then! Buying seemed to go on forever!