A Guide to Re-mortgaging
There are many reasons why you may be considering remortgaging.
1. To reduce your monthly payments by benefiting from a more competitive interest rate.
2. When your existing fixed rate deal comes to an end you may want to shop around for a new product.
3. To secure a further advance to enable you to purchase further shares in your property (staircasing).
4. To finance home improvements.
In the past, remortgages were popular as homeowners sought to withdraw equity from their properties to fund the likes of home improvements, debt consolidation or holidays.
In the current economic climate with slowing house prices and higher interest rates, this is not such a common occurrence and a remortgage should really be driven by need rather than luxury.
What we need from you
If you are applying for a remortgage you need to let us have:
1. A copy of your mortgage offer.
2. Confirmation from your new lender of the current value of your home.
3. Confirmation from your existing lender of how much is outstanding on your mortgage.
4. Written confirmation from you of the reason for your remortgage/further advance.
5. If it is for home improvements, full details of the works planned and quotes or invoices for the works.
You are responsible for your own solicitor’s costs and mortgage re-valuation fee (if required).
Mortgagee Protection Clause
This is a clause in your lease that gives your lender the right to recover certain losses from us if they ever have to repossess your home. For this reason any new mortgage taken out on your home has to be approved by our solicitors. There is an administrative charge for this.
Your next step
Get in touch with Gateway. We can provide you with more information about the remortgaging process and answer any questions you may have.
Email Gateway sales or call on 020 8709 4375.