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However, that description belies the actual process involved. The new mortgage provider requires to obtain a good security or mortgage over your property.
The whole process explained from the start in plain English.
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With our friendly and knowledgeable team here in Scotland.
Fixed costs to avoid any nasty hidden surprises.
To help you get on the ladder we also specialise in Help to Buy, Help to Buy ISAs and Forces Help to Buy among other schemes.
The most common major issue for a person remortgaging is where the names in which the title is currently held do not match the names on the new mortgage offer. In the modern world where relationships are much more fluid this is more common than you would think. So, if you currently own a property in your own name but your new mortgage depends upon the income of both you and your partner, then your new mortgage offer will be in the names of both you and your partner. This means that the title of your property requires to be transferred to the names of you and your partner at the same time as the remortgage is carried out.
Understandably, this involves quite a substantial amount of additional work and consequently cost. This is unavoidable but we provide a menu of such costs so you know “upfront” how much the necessary changes will cost.
When you approach your new lender for a remortgage, the lender is likely to carry out a valuation of your property. Sometimes, the valuer will make observations to the lender about your property and the lender will make, as a condition of your mortgage, the resolution or investigation into those matters. Where this happens the solicitor dealing with the remortgage needs to resolve those matters before a request can be sent to the lender for your new remortgage funds which will enable your old mortgage to be repaid.
Often such matters may relate to alterations to the property or other physical issues. Where this happens then necessarily there will be additional costs incurred but, as you would expect from us, there is a clear list of such costs.
Even though your application has been approved in principle, your remortgage cannot proceed until your new lender has issued a satisfactory mortgage offer. There can be consequential time delays and nothing can be done until the mortgage offer is received.
If your existing mortgage is subject to an early repayment charge, then normally you would not wish to complete your new remortgage until that early repayment charge has expired. You can choose to ignore that expiry date but then there will be a cost imposed by your previous lender. It is always important to fully take into account the impact of early repayment charges. In addition, while the completing solicitor will make every effort to synchronise the new mortgage with the expiry of the old early repayment charge, for all manner of reasons, that can be challenging to achieve.
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