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  • FIRST POST
    • Whattodo2018
    • By Whattodo2018 13th Apr 18, 5:28 PM
    • 5Posts
    • 0Thanks
    Whattodo2018
    Re-mortgage process
    • #1
    • 13th Apr 18, 5:28 PM
    Re-mortgage process 13th Apr 18 at 5:28 PM
    Background info:
    - Not moving home
    - Had a 2 year fixed mortgage back in 2007, let it go standard base rate since 2009 - 2% above Bank of England rate

    Now rates are creeping up and want to fix for 5 or 10 years for piece of mind.

    I was reading the re- mortgage process on other sites and got confused with process so seeking clarification.

    - Says need a solicator to handle the process, do you?
    - Lender will carry out a valuation, is like the same when I first bought, they come in, take measurements and inspect the property?
    - Is It best to work out the current value from recent sales in the street? It's dropped since 2007. As I heard Zoopla is useless.

    Anything I need to be aware of? Is it as simple as applying to new a lender but what about current lender?

    Thank you in advance.
Page 1
    • kingstreet
    • By kingstreet 13th Apr 18, 5:31 PM
    • 34,496 Posts
    • 18,739 Thanks
    kingstreet
    • #2
    • 13th Apr 18, 5:31 PM
    • #2
    • 13th Apr 18, 5:31 PM
    Customer retention product from existing lender - not a remortgage. See what they have to offer. Should be free of checks.

    Remortgage to a new lender. Raise funds to repay current mortgage and a solicitor will oversee. Estimate value for application and valuation inspection needed normally, so lender will appoint a surveyor. Checks similar to purchase - credit, payslips, bank statements etc.

    Choose a remortgage deal with a cashback to pay your solicitor legals, stay away from lender 'free legals' conveyancing warehouses.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Whattodo2018
    • By Whattodo2018 13th Apr 18, 6:10 PM
    • 5 Posts
    • 0 Thanks
    Whattodo2018
    • #3
    • 13th Apr 18, 6:10 PM
    • #3
    • 13th Apr 18, 6:10 PM
    Seems staying with the same lender is easier as less hassle.
    • Thrugelmir
    • By Thrugelmir 13th Apr 18, 6:33 PM
    • 61,352 Posts
    • 54,595 Thanks
    Thrugelmir
    • #4
    • 13th Apr 18, 6:33 PM
    • #4
    • 13th Apr 18, 6:33 PM
    Seems staying with the same lender is easier as less hassle.
    Originally posted by Whattodo2018
    When remortgaging the costs need to be factored in as well.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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