How to remortgage on your own
Remortgage Guide: #6
How to remortgage on your own
There is nothing to stop you remortgaging on your own however, most home-owners are much better off using a broker. If you chose to remortgage on your own there are a few important steps to follow.
Step 1 Get a redemption quote from your lender.
Challenge your lender for a better deal as that way you may not need to switch.
Step 2 Select the mortgage deal that best suits your needs.
Get detailed quotes from lenders, compare all the products offered and list costs incurred.
Step 3 Add up all the fees and charges to get a figure for the total cost.
Step 4 Work out your savings over a set period.
Deduct the costs and work out if it’s worth moving.
Step 5 If you want to go ahead, apply to the new lender.
Often this can be done over the telephone or internet.
Step 6 Valuation and legal work.
This should take between 4 and 8 weeks.
Step 7 Completion.
The mortgage market is so large and deals change so quickly that a specialist broker can really make a difference. Your existing bank or building society will only look at its own products, whereas the best mortgage brokers view the entire market to find the cheapest deal. Some brokers negotiate exclusive deals with lenders that are simply not available to individual customers. The right mortgage broker can quickly source a top remortgage product, offer an extra layer of protection if things go wrong and ease acceptance.
Next - #7 How to remortgage through a broker
