The property market in Northern Ireland is continuing to thrive, and the increased demand is pushing up property prices, causing more and more homeowners to take advantage of remortgaging to free up capital.
Reasons to remortgage
There are numerous reasons why it can be beneficial to remortgage your home for example.
- You want to switch to a new lender because you are at the end of your deal
- You want to research for a more competitive interest rate so your monthly payments will be lower
- You wish to decrease or increase your mortgage term due to personal circumstances
- You want to release some extra cash for home improvements
Here is a step-by-step guide to remortgaging your home
Do Your Sums
Before you consider remortgaging to release capital for whatever reason, it is important that you have an idea of how much money you need to free up, any additional charges or rates and that you can afford to pay the increased repayments.
Conduct Your Research
Make sure you get the correct advice from a qualified financial expert who will check your credit score and check for any hidden costs that might be associated with your current mortgage or the new mortgage deal.
Negotiate With Your Lender
Make sure and talk with your current leader as they will be keen to keep your business so may be able to negotiate better rates to prevent you from leaving them.
Have Paperwork Ready
If you decide to switch, you will need to complete an application with your new lender. This normally will not require quite as much supporting documentation as to when you first bought a new home, but you will need your last three Payslips, along with your P60 and mortgage statement, as well as proof of ID.
Complete The Application
The next step is to get all the necessary documentation to your new lender. You can do this by post, in person or some lenders will let you submit your paperwork online.
Once the application is received by the lender, they will run a credit check and carry out a valuation on the property – usually limited to an inspection of the exterior of the property – before making you an official offer.
Appoint a solicitor
At this stage, you need a solicitor to handle the legal aspects of the remortgage.
The transfer is complete
Once everything is in order, your new lender will pay the balance of your mortgage to the old lender and your property is then successfully remortgaged.
If you think remortgaging might be for you, the best thing is to speak with a mortgage expert to explore your options. Once you have done that H McPartland & Sons have a dedicated team who are more than happy to talk you through the legal process.