| Remortgaging and Refinancing |
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Many people are put off from switching their mortgage to a cheaper lender because of the perceived costs and hassle involved. However it is not a difficult
After you approach the bank and agree terms for your new mortgage the bank will send out a letter of loan offer to you. This will set out the conditions the bank expects fulfilled before they will release the funds. At this point the bank will also ask you to nominate a solicitor, and will usually send a copy of this letter to your solicitor also.
From here there are a number of steps towards completing the transaction:
1) You will meet with your solicitor who will go through the letter of loan offer and the conditions contained within it. Once both of you are satisfied with the conditions you will sign the letter of loan offer and return it to the bank. 2) The solicitor will then request your title deeds from your old bank and ascertain the balance to be paid on your existing mortgage. He will look at the deeds and ensure all matters are in order 3) Once the bank has all the necessary documentation (i.e. The signed acceptance of the loan, and more often than not a current life policy) they will release the loan cheque to your solicitor. 4) Your solicitor will use the cheque to clear the loan outstanding with your old bank and will send any balance on to you. The old mortgage will be taken off the title of your house and a new one will be registered. Finally the title deeds of your house will be sent onto the bank for safekeeping.
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