Re-mortgaging a house

When you re-mortgage a house it involves some aspects of a purchase and some aspects of a sale. If you already have a mortgage over your home that you’re replacing with a new one, we arrange to discharge the existing mortgage. We then arrange put the new mortgage into place. As part of this process, we also need to check the title and any other mortgage conditions imposed by your new lender.

We aim to complete your re-mortgage as swiftly as possible. With your co-operation, we’ll get through the whole process quickly and efficiently.

Re-momrtgaging a house - before you start

Before you start down the path of your re-mortgage, you should make sure that your new loan will be sufficient to repay your existing mortgage. You should also have enough left over to cover the expense of the change of lender. Check if there’s any penalty if you repay your existing mortgage early. If there is, find out when this will expire. You should let us know right away once you’ve started the re-mortgage process.

Progress to settlement

When we receive the loan instructions from your new lender, we will prepare the security documentation you need to sign. This takes the form of a Standard Security over your property. Granting a Standard Security means you can’t sell your property without repaying your new lender.  If you fail to keep up payments on your new mortgage or otherwise breach your mortgage conditions, your lender can repossess your home, evict you and sell it on. We complete our title enquiries over your property and then order up your new loan. When your new loan funds arrive, we repay your current lender. We also discharge the existing Standard Security and register the new Standard Security in favour of your new lender. After deduction of expenses, we send the net proceeds of your re-mortgage to you.

The re-mortgage process is usually relatively straight forward and if we know about it in advance and are prepared, it can be processed very quickly. That’s why it’s best to let us know you intend to re-mortgage before you do.

Thinking about re-mortgaging a house?

We’ll look after your interests and progress your re-mortgage as quickly as possible