There are a number of reasons why re-mortgages take place.
Many people do so to release monies from the property or to consolidate their debts. Other people re-mortgage to obtain a better rate or product or to transfer on to a similar product once their existing deal has run its course
Once you have received your mortgage offer and instructed us, we will request a redemption statement from your existing lender and be required by your new lender to carry out specific searches. You will also need to sign a new mortgage deed. During completion, funds from your new mortgage lender will be received and we will repay any existing mortgages on the property. You will also receive a statement of account explaining any outstanding balances that may be due to you or from you. Once completion has taken place, we will complete the remainder formalities with the Land Registry.
If you are re-mortgaging to take advantage of lower interest rates, then you may want to make sure that completion takes place as soon as possible. The time taken depends on the speed with which the mortgage offer is agreed and produced.
At Versus Law Solicitors, we can carry out your re-mortgage and work efficiently to make sure we complete in time so that you can benefit from lower rates as soon as possible. Contact us now on 0161 249 5087 for a quote.
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