When it's time to think again – A guide to remortgaging
Remortgaging allows you to move your mortgage from one provider to another. There are many reasons you might decide to do this: from a desire to reduce the size of your repayments to a need to consolidate expensive short-term debts, to dissatisfaction with the Standard Variable Rate offered by your existing provider. Whatever your reasons you will have to consider your options carefully, including the impact of any fees or charges you might incur in making the change.
If you have considered reviewing your current mortgage arrangements and are looking for a new deal or want to borrow further funds, look no further than The Cambridge.
The Cambridge guide to getting a new deal on your mortgage
Remortgaging with The Cambridge can be achieved in four simple steps:
1. Discuss your mortgage with our experts
Generally, we can lend up to 90% of your property’s value. After assessing your circumstances and ensuring the loan is affordable for you, your Your Mortgage 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 Mortgage 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 Legal and General Surveying Services who will instruct the valuer. Legal and General Surveying Services will contact you directly to arrange a suitable time for the valuation to take place and collect payment. For some products we will pay for the standard valuation 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. For some products 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.
When you appoint a solicitor it is important to be aware that The Cambridge operates an Approved Solicitor Panel. The panel is made up of solicitors from across East Anglia, and other parts of England who we have approved to act on your behalf. If you appoint a firm that is not on our panel, we will require our own partner solicitor to act on our behalf. You will be responsible for our legal fees in addition to your own legal fees. Your Mortgage Adviser will be happy to help you find a suitable panel solicitor.
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. 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.
Your Mortgage 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.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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