Remortgaging

Have you considered reviewing your current mortgage arrangements? Perhaps you are looking for a new deal or want to borrow further funds? Look no further than The Cambridge. Switching your mortgage can be completed in four simple steps.

1. Discuss your mortgage with our experts

Contact the Personal Adviser at your local branch of The Cambridge to discuss your requirements or call us on 0845 601 3344. Generally, we can lend up to 90% of your property’s value. If you would like to borrow additional funds, please see our 'additional borrowing' page. 

Your Personal Adviser will recommend which of our mortgages will best suit your needs, and then provide you with a personal illustration. If you then wish to proceed, your Personal Adviser will help you to complete an application form.

2. The mortgage application assessment

Once we have received your completed application form, have conducted a credit search and received evidence of your income, we will need to arrange a valuation of your property to assess the security offered for the loan. We will pass your details to Sesame Bankhall Valuation Services (SBVS) who will instruct the valuer. SBVS will contact you directly to arrange a suitable time for the valuation to take place and we will pay for the report. Once our enquiries are complete, we will send you a ‘Mortgage Offer’ confirming that your loan has been agreed. The Mortgage Offer includes a full illustration of mortgage costs and terms.

3. The legal work and fees

We then instruct our panel solicitor to arrange the legal work. We will pay the standard legal fees required to arrange the remortgage using our panel solicitor. If any additional legal work is required that is not normally associated with a remortgage, such as rectifying title defects, transfers of equity or other legal matters, the solicitor will advise you of the cost and you will be responsible for any fees incurred. You may, if you prefer, instruct your own solicitor to carry out the remortgage legal work and we will pay you £200 towards the costs when your new loan is up and running.

The solicitor will undertake the necessary legal procedures associated with a remortgage, including making the necessary arrangements to repay the loan with your current lender and preparing the new mortgage documents. Your existing lender may charge a fee to discharge your existing loan.

We may charge an application fee to reserve funds.

Some application fees have to be paid upfront and are non-refundable but in other cases the fee can be added to your loan, subject to the loan remaining within the required percentage of the property’s value. If added to the loan we will charge interest on the fee during the term of the loan.

There may be early repayment charges applicable if you overpay or repay the loan in full during any fixed, tracker or discounted rate term.

We will pay for the valuation report that we require to assess your property for remortgage purposes.

Your Personal Adviser will bring these fees to your attention when discussing your mortgage options.

4. The switch is complete

Your new loan account is set up and the switch is complete. Now you start to benefit from your new mortgage deal.

If you have any queries regarding remortgaging then please do not hesitate to contact us.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.