Remortgaging

Many of us are looking for a better mortgage deal, or would like to release some of the equity in our home but the process is often not as easy as it first appears.

Malone Mortgages can advise you on the most suitable remortgaging options. Your advisor will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your current deal and if there are any early repayment charges. You can then decide if it is worth switching to a different rate or staying put until any penalties have expired.

Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. 

How do I apply?

We will guide you through the whole remortgaging process, which will include:

• Obtaining an early repayment statement from your existing lender
• Completing an application form from your new lender
• Organising your new lender to value your home

Once the new lender is satisfied, they will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you.

Solicitors will need to be instructed at this point to arrange the legal documentation to complete the loan. This is usually free of charge.

How long does it take?

The whole process should take about 4 to 6 weeks to complete. However, this varies from lender to lender.

Once you have received a completion statement from your solicitor or new lender, the process is finished and your new mortgage is in place.