Remortgage - what happens now?

CLJ2986

I've never done a remortgage before, only applied for a brand new one to purchase a house. I've just had an email from Natwest approving the mortgage and saying the offer will be with me and the legal team by COB tomorrow. I'm using the fee free solicitors as part of the remortgage. So I'm just wondering if anyone knows the process? Is it straightforward and will there be much for us to do now? 

And possibly a very stupid question but it's only just really occurred to me, should I request my mortgage redemption statement? Or will the solicitor do that? 

Thanks! 

doglover34

Yeah I'm at the same stage you are - remortgaging with Natwest, had offer. The solicitor will contact you and discuss your completion date, usually the day your fixed term ends with your current mortgage. Ours isn't until 30 November so a way off yet.  They will get the redemption statement for you which also confirms the date your fix ends, and send you your mortgage deeds to sign and send back. if you have any debt consolidation, you will need to provide the solicitor with the details of that with the interest calculated to the completion date. other than that, that should be it.

CLJ2986

Ah ok, thanks! My fix doesn't actually end until July 23 but I value financial stability so have decided to do it early. I just added the ERC to the amount outstanding and applied for that amount so I hope that was the right thing to do! Not sure I will ever attempt to do this without a broker again 🤣🤣 

doglover34

CLJ2986 said:

Ah ok, thanks! My fix doesn't actually end until July 23 but I value financial stability so have decided to do it early. I just added the ERC to the amount outstanding and applied for that amount so I hope that was the right thing to do! Not sure I will ever attempt to do this without a broker again 🤣🤣 

yep thats the right thing to do, it should be pretty straight forward. Ive done this a few times now over the years LOL - so I guess now when you speak to the solicitor you will set the date - so make it in line with when you pay your current mortgage so you you dont have double payments in one month 

CLJ2986

Lol this is very new to me, I've done the house buying/moving thing 3 times, but never remortgaged! So if I pay my current mortgage on the 1st and I've said the 1st for my new mortgage payments should I set the 1st as the date? Sorry if that's a really stupid question! 

doglover34

Yes that's exactly right! Just make sure you are constantly in contact with the solicitor to make sure it happens on the 1st - they can sometimes forget.  On the 1st they should pay your redemption and start your new mortgage and the following month you will pay your 1st payment with natwest.

CLJ2986

Perfect thank you so much 🙂 will it matter that my redemption will now be lower than the amount I applied for? It took a while so I've made a few payments since I applied.

doglover34

no it wont matter, they will send that amount you applied for to the solicitor and he will pay your settlement figure, then he will return the balance left back to you the same day - so you'll have some money back

sammyjammy

For future reference if you are keeping the term and the lending amount the same you can usually apply for a new product at the end of your fixed rate directly with your lender, no credit check or need for solicitors etc.  i did mine online a couple of months back, took two minutes, confirmation email received and the new monthly payment will come out in September.

CLJ2986

sammyjammy said:

For future reference if you are keeping the term and the lending amount the same you can usually apply for a new product at the end of your fixed rate directly with your lender, no credit check or need for solicitors etc.  i did mine online a couple of months back, took two minutes, confirmation email received and the new monthly payment will come out in September.

Yeah I did know about that, unfortunately my credit was a problem when we took out our mortgage and the interest rate is quite high. their product switch rates are already nearly what I'm currently paying so I'm worried that in another 8 months it will be higher so decided to try and see if we could go high street which saves us £100 a month and gives us stability for the next 5 years 🙂 wasn't sure we would be accepted to be honest but decided it was worth the try!

CLJ2986

doglover34 said:

no it wont matter, they will send that amount you applied for to the solicitor and he will pay your settlement figure, then he will return the balance left back to you the same day - so you'll have some money back

Thank you! I'm a natural born worrier so I'm constantly trying to think of anything that might go wrong 🤣