How does the process of a remortgage work?
Remortgaging your property can be a highly effective way to clear debt and reduce monthly outgoings. Newtomorrow provides debt consolidation assistance through every step of the remortgaging process to ensure peace of mind. If you have numerous debts that are getting you down, by releasing some of the capital in your home you can relieve those debts and reduce the interest costs. As part of our debt consolidation assistance service, we can work out a personalised solution for you. Knowing how the process of a remortgage works is one of the most important considerations to know in advance of deciding whether to remortage your property. Individual lenders have different procedures for remortgages. Therefore, this should only be regarded as a general guide and is not a definitive list of what will be required. In general, the process is likely to include the following steps. The new lender (or their solicitors) will: • Write to your existing mortgage lender to confirm the outstanding bala
There are different procedures set out by each lender offering a remortgage. As a result, Debt Solutions Scotland has a general guide to the remortgage process. Usually, the process will require the new lender (or their solicitor) to: • Write to your current mortgage lender to fully understand the outstanding balance that is still open on your mortgage. • Evaluate the equity in your property to check there is enough value to pay off your existing mortgage. All documentation will be sent to you in the post and an appointment will be made to visit you. • Repay the money you borrowed on your existing mortgage on your behalf.
