Re-Mortgaging
As the term suggests, Re-Mortgaging is the process of transferring your mortgage from your current lender to a new one, usually with the aim of securing a better deal than your current.
As you already own your home in this scenario, the process is typically much speedier than a purchase, with some cases moving from application to completion within a couple of weeks.
If you are an existing client at Melius we will contact you between 4-6 months prior to your existing deal expiring to check for any change in circumstances and your preferences from a mortgage perspective well ahead of schedule.
If you are new to Melius, please ensure you contact us ideally 3 months prior to your current rate expiring. This will give us time to get to know your circumstances, recommend a suitable mortgage product & ensure the transfer is complete.
Falling onto your current lenders variable rate could be expensive and potentially unnecessary!
Re-Mortgaging
Stage 1
Again, we start with a Fact find form to ensure we have all the relevant information to provide accurate advice. This can be completed in person, over the phone or through our online portal – it really depends on whatever suits you best. Our Fact find typically covers information such as address history, income, outgoings, and family members who may rely on you financially. Everything you provide is confidential and will be used only to formulate our advice and provide to the chosen provider.
Whilst re-mortgaging simply to improve your rate of interest is common, often additional borrowing is discussed at the same time. This can be for a number of reasons; it may be time to complete that extension you have talked about for years, go on a dream holiday, landscape the garden or even repay some loans and credit card balances to reduce your monthly outgoings. We are going to need some additional information whatever the reason, building estimates for your extension and loan/credit agreements for any debts to be repaid. Whichever lender we recommend, your adviser will be sure to collect all of the information required beforehand.
Stage 2
Finding the most suitable lender for you...
Having completed the Fact Find we now have the information to choose the best possible lender for you.
We will again keep you informed at every point and present you with an array of options that best suit your needs and circumstances.
We now get down to work finding the perfect mortgage for you. Before we disclose the detail, your adviser will have checked the chosen lenders criteria carefully to ensure you are eligible, this will make the transition as smooth as possible.
Stage 3
We will go through the selected mortgage product with you in detail, ensuring you understand the changes, particularly when consolidating debt or borrowing further funds for any reason. As soon as we are confident you understand everything you need to know, the application is submitted. The lender will often ask for evidential documents such as payslips, tax returns & bank statements (these will be collected at the start of the process) which enables the lender to fully assess your income and expenditure.
To keep you safe, we will provide login access to a secure portal, allowing you to upload your documents directly to your adviser.
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.
Stage 4
A solicitor is still required even for a simple re-mortgage, they complete the lender changeover officially and repay your existing mortgage with the new funds. We ensure the mortgage offer is in with the solicitor as soon as your application is approved and monitor the progress through to completion.
The good news is… this is generally a much cheaper process than a purchase. Some lenders even provide free legal advice or cashback to cover the cost with your chosen solicitor.