We use the term, “re-mortgage” to refer to offering a property that you already own as security to a lender for new borrowing from that lender. This occurs when the borrowing and security is not happening at the same time as you are first buying the property.
People can use the term ‘re-mortgage’ to refer to different borrowing or property arrangements, to what we mean by the word:
(1) If you are merely entering into new mortgage terms with your existing lender, then it is unlikely you will need a new mortgage at all – your existing mortgage security is likely to be able to support any new commercial terms of borrowing.
(2) Similarly, if you are “porting” your existing borrowing terms to a new property, then that is a new mortgage on the same terms at the same time as a purchase– and not what we mean by a “re-mortgage”.
Re-mortgages (as we refer to them) often arise when the ‘new’ borrowing is used to pay-off an existing mortgage - perhaps an existing mortgage whose period is expiring, or one which is no longer on market terms. Nevertheless, our “re-mortgage” product is the same whatever the circumstances, i.e. whenever loan security is taken over a property which you already own, e.g. even if there is no existing mortgage to discharge.
The lenders from whom we can act are listed here
Apart from handling the proceeds, properly, the main element of the product from our perspective is certifying to the lender, accordingly to their technically complex and demanding requirements, that your property offers legally satisfactory security for their loan. It is not a dissimilar process to our Property Report product, and is the same as a large element of what we do in our conventional conveyancing service for buyers with a mortgage.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).
The main work on a remortgage is our production of a Certificate of Title to the lender. This job comprises about 2 hours’ work in total once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week. The process also commonly entails obtaining information from third parties – e.g. search providers; the time those third parties take to provide their information will also impact the timing of our production.
Your supplier is CLC-regulated Mounteney Conveyancers Ltd, that charges VAT some customers may be able to reclaim
We charge £450 + 0.025% gross + VAT
Subject to 30% supplement for complex titles
There is more about our fees on our website here
If you have any questions or require any further information, please don’t hesitate to Contact Us.