11 Steps to Remortgage

Step 1 Ask your lender if it could offer you a better deal than the one you currently have

Step 2 Check if your lender charges a redemption penalty

Step 3 Research new mortgage deals online

Step 4 Subtract any redemption penalty and other costs such as property valuation and solicitor’s fees from the savings you could make. If you can still make savings, then it’s probably worth while going ahead with a remortgage. If you don’t want to do this yourself you could ask your local mortgage broker or use the service offered by Charcol.

Step 5 Once you’ve chosen a mortgage you will need to fill in an application form and the lender will make you an offer in principle

Step 6 The lender will arrange to carry out a valuation on your home

Step 7 You will need to contact a solicitor to carry out the conveyancing

Step 8 Your solicitor will negotiate with your existing lender and obtain a redemption statement. You don’t need to talk to your lender unless you are trying to get a better deal

Step 9 Once the lender has received the valuation report it will make you a formal mortgage offer. This will be sent to the solicitor

Step 10 If you are happy with the offer then it is just a matter of signing the documents

Step 11 Once your mortgage has been successfully transferred you will get a completion notice which will confirm your new monthly payments