Remortgage to pay off H2B loan

therightdecision

Hi,

Hopefully this doesn't end up being a long post however I'm looking for advice on how to go about remortgaging to pay off my 20% H2B equity loan.

I've just come to end end of my first 2 year fixed mortgage and on speaking to my mortgage advisor the value of my property seems to have increased by £40k (based on a postcode valuation).

As a result I think it'd be best to remortgage now to payoff the H2B loan before it increases any further. My mortgage advisor instructed me to conduct a RICs survey and to wait for "Target" to get back to me but seemed a lot less interested in giving me any more advice (she wanted to push a remortgage without borrowing more for the end of March instead).

My question is what steps should I take to arrange to remortgage myself? At the moment I'm aware that I will need a RICS valuation survey (approx £300) and £1000 for the cost of the new mortgage however I've read that I will need to instruct a solicitor and have a mortgage offer in place before hand?

Does any one know where I can find a guide on how to remortgage to pay off the H2B loan or of any good mortgage advisors that would be able to help me with this?

TIA

kingstreet

Any broker can arrange this.

You get the HTB information you need from here;-

http://www.myfirsthome.org.uk/

Then you get your valuation done for Target.

You apply to your current lender for a further advance and product transfer for a new deal on your current mortgage OR you apply to a new lender for a new mortgage (a remortgage!) to replace the old one and raise the extra funds needed to repay HTB.

A solicitor is required, so you need to appoint your own if going the further advance route. You will usually get free legals with a remortgage, although paying off HTB may be chargeable.

Worth remembering, this would be a debt consolidation remortgage, so a lower maximum loan to value will be applied by many lenders.