Remortgaging is the process of switching your mortgage to a new lender.

You may be considering such a step in order to obtain a cheaper interest rate or you could be seeking to drawdown additional funds to carry out renovation works to your home. Irrespective of the reason for your switch, your new lender will require that you engage a solicitor in connection with the remortgaging process. Much like with a house purchase, your solicitor will need to review the title to certify that there are no defects that would affect the marketability of the property to your new bank.

The typical steps in the remortgaging process for us as your solicitor are:

– we will obtain the title deeds from your existing bank;
– we will obtain up-to-date redemption figures for your existing mortgage;
– we will run through your new mortgage offer with you to ensure that you are happy with the terms of the new mortgage and all conditions can be satisfied;
– we will arrange the signing in our office of the new mortgage documents;
– we will request your new mortgage funds and then arrange for the redemption of your existing mortgage;
– we will obtain up-to-date searches against the property to ensure no 3rd party has any claim against the property;
– we will arrange the registration of your new mortgage and the delivery of your title deeds to the new bank; and
– if part of the purpose of the re-mortgage is to finance renovation costs, we will arrange the drawdown and transfer of such monies in stages for such works as required by your new bank based on an architect certifying the completion of the different stages of the works.

Tom Collins & Company solicitors are experienced in arranging the re-mortgage switching process and we are happy to agree a fixed fee quote for such work and discuss your re-mortgage needs.