- Choose a mortgage lender who provides a better rate than the existing mortgage lender.
- The new lender will perform an evaluation on the property and decides whether he can lend on the property.
- You have to submit a written application to both the new lender as well as the old lender requesting for a change of dealers.
- A group of solicitors will carry out the conveyancing work. A report will be send by the solicitors to the new lender.
- Then the new lender releases the mortgage funds and the solicitors makes sure that the old lender is properly repaid.
Friday, June 26, 2009
If you are confused with the steps involved in remortgage, then the following post in which I have tried to summarize the entire remortgage process in five steps will certainly help you.