Whether your current deal has come to an end, you wish to withdraw equity from your property, or you have spotted a more competitive product, this guide outlines the key stages in a typical re-mortgage transaction.

Why You Might Re-mortgage

You may consider re-mortgaging for several reasons:

  • Your fixed rate period has finished, and you wish to secure a new and/or lower rate.
  • You may want to raise money for home improvements or other expenses by drawing down equity.
  • Another lender may be offering a deal with lower fees or better repayment terms.

Choosing a Lender and Product

Once you have identified the lender and mortgage product that best meets your requirements, you should instruct a conveyancing firm, like WBW, to act on your behalf and notify your prospective lender of who you have asked to help so they can issue your mortgage offer correctly.

Appointing Your Conveyancer

To confirm your instructions, we will:

  • Send you a letter setting out the next steps for you, outlining what costs will need to be paid on account, and confirming our costs and terms of business.
  • Confirm how to complete the necessary identity and anti-money laundering checks we are required to carry out.

Reviewing Your Title and Mortgage Offer

Once you have instructed us, our next steps are to:

  • Order a copy of your title and any deeds we need from the Land Registry.
  • Review the title to ensure all property details are accurate and check whether there is anything we need to share with your lender.
  • Order the searches we need with the Local Authority, Water Board, and Environment Agency to ensure there are no issues that we would need to report to your lender.

These searches can take a little time, so we like to order them as soon as possible once we have received funds from you. Some lenders offer search insurance, although this would be an unusual route for us to take.

We will also:

  • Check that the mortgage offer we receive matches what you have agreed with your lender.
  • Prepare a report for you explaining:
    • Any issues we need to resolve
    • The key mortgage terms
    • Any conditions you must meet from your lender
  • Send you the mortgage deed for signature.
  • Let you know if your lender requires anyone else living at the property to sign a waiver for the new lender.

If a waiver is required, the occupier will need to receive independent legal advice from another conveyancer.

Obtaining a Redemption Statement

We will contact your existing lender to obtain a redemption statement. This confirms the exact amount needed to pay off your current mortgage.

This figure will include:

  • Any early repayment charges
  • Interest up to the redemption date

Agreeing a Completion Date

Once we have:

  • Reviewed the title, checked the search results, and resolved any issues with your lender
  • Received your redemption figure and signed documents from you and any occupier
  • Reported to you on your new mortgage offer

we will be able to agree a workable completion date for the re-mortgage with you.

Ordering Funds and Completing the Re-mortgage

Shortly before completion, we ask your new lender to “draw down” the mortgage funds for the agreed completion date.

On the agreed completion date, we will:

  • Receive the mortgage funds from your new lender.
  • Redeem, or pay back, your old mortgage lender by paying them the full amount required to clear the mortgage on that day.

Once your old lender has received the required funds, they will remove their security over your home.

We will then ensure that the new lender’s security is registered at the Land Registry.

Post-Completion Registration

The final registration process at the Land Registry may take a few months, subject to Land Registry processing times.

We will let you know as soon as these registration formalities have been completed.

Need Advice?

If you are considering re-mortgaging, please contact us to discuss your options and obtain a quote for our conveyancing services.

Timescales vary, but most re-mortgages take between 8–12 weeks from instruction to completion.

To speak to one of our property experts, call 01626 202404 or email lawyer@wbw.co.uk and we will be happy to assist you.