Remortgaging: How to get a valuation

A remortgage is more than just renewing your terms at the end of an existing mortgage deal: it`s an opportunity to get a better deal and save money.

However, a remortgage is not a simple process. There are a number of stages involved, and it pays to know how things work before you start.

If you`re concerned about how you`ll be getting your house valued, there`s no need to worry. The valuation is a key part of the remortgage process that will be carried out by your lender (or by someone on their behalf).

The remortgage process explained

There are several clear stages to a remortgage (or mortgage) application.

The initial application

To begin with, you`ll need to find a mortgage deal that suits your needs. For example, certain interest rates are only available to people with certain deposits, and you will aim to get the best possible interest rate for your circumstances based on this.

Once you`ve settled on a deal, you can make your application, and provided this is approved in principle by the lender, you can move on to the next step.

The legal process

Once your application has gone through, the lender will carry out a valuation on your home. This is to make sure your home is worth enough for the deal to be viable. If it is, they will then hand things over to your solicitor, who will carry out the required legal work.

This is usually fairly straightforward - receiving the funds from your new lender to pay off the existing mortgage debt. However, if anything else is required, such as an equity withdrawal, it could take a little longer.

Completion

Once the legal side of things has been taken care of, your remortgage will be completed and you will start making payments to your new lender.

Remember, this is a basic example of what`s involved in a remortgage, and you may want to seek further advice before you apply. To speak to one of our expert mortgage advisers, click here and fill in the form for a call-back or call us on 0800 195 2913.

Tags: remortgage, valuation, house valuation, mortgage valuation

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