Re-mortgaging Your Property
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 may not be as easy as it first appears. At Bright Sun we aim to make the journey as simple and straight forward as possible.
Where to start?
The first step is to contact us and we can advise you on the best remortgaging options available.
We will work with you to check the terms and conditions of your existing mortgage. We will take into account if you are tied-in to your mortgage deal or if there are any early repayment charges (ERCs). You can then decide if it is worth switching to a different rate or to stay put until the term finishes and there are no penalties to pay if you switch your deal.
Applying and what we'll do
Speak to us today. We will of course guide you through the whole remortgaging process. Here's a list of the documentation we will require:
• A mortgage statement from your existing lender telling us exactly how much you owe, and if you will incur any ERCs.
• Details of your income - 3 months payslips + p60 or for self employed clients your tax calculation (SA302) + Tax Year Overview (TYO)
• Proof of your identity
• Details of any existing credit commitments
• Your latest Bank Statement
When the lender is satisfied with all your documentation, they will issue a mortgage offer which will contain the amount of the mortgage, the interest rate and the other terms.
Solicitors will then need to be instructed who will take care of the legal work, which will take you right up to completion.
How long does it take?
The whole process should take about 3-4 weeks to complete, however this may vary from case to case. Once we've had a chance to look at your case more closely, we'll be able to give you a better idea on timescales.