Should I Remortgage With The Same Lender?

Remortgaging with your existing lender can offer several advantages, such as quicker processing times, potential access to exclusive products, and the convenience of having all your financial products in one place.

As your current lender already has your customer information and has conducted all necessary property checks, the remortgage process can be expedited, and the application can be approved swiftly.

Moreover, some lenders offer special deals and products to existing customers that they do not provide to new customers. Your lender may also conduct an internal credit check, allowing you to borrow more than you would from a new lender.

Why Might I Not Want To Remortgage With The Same Lender?

There are a few reasons why you might not want to remortgage with the same lender, even though it can be a faster and simpler process.

Firstly, your existing lender may not offer the most suitable interest rates or mortgage deals from a comprehensive range of mortgages across the market. By shopping around and considering other lenders, you may be able to find a better deal that could save you money in the long run.

Secondly, if your financial circumstances have changed since you first took out your mortgage, another lender may be more willing to offer you a better deal. For example, if you have improved your credit score or increased your income, you may be seen as a lower risk borrower and could qualify for more favourable rates elsewhere.

Finally, if you are unhappy with the service or experience you have had with your existing lender, you may prefer to switch to a new lender that you feel more comfortable with or that offers better customer service.

In summary, while remortgaging with your existing lender can be convenient, it’s always worth considering other options to ensure you’re getting the most suitable deal for your current financial situation.

How Long Does it Take to Remortgage with the Same Lender?

Switching products with the same lender, also referred to as remortgaging, can be completed quickly and easily. In fact, it’s possible to arrange a remortgage over the phone and secure a new mortgage deal within hours.

Is It Necessary To Instruct A Solicitor When Remortgaging With The Same Lender?

When remortgaging with the same lender, there’s no need for conveyancing. This is because the documentation already accurately reflects the lender and there are no material changes required.

Do I Need a Valuation when Remortgaging?

A valuation is necessary when remortgaging. The majority of mortgage valuations are either drive-by or online valuations, which can be completed quickly and enable lenders to make fast decisions on remortgage applications.

However, for unusual builds or properties with non-standard construction, a full valuation may be required. In this case, a lender may send someone to inspect the property and verify the information you have provided.

Is Conveyancing Required For Remortgaging?

Conveyancing is not always necessary when remortgaging, especially if you’re remortgaging with the same lender. In this case, there will not be a change of ownership or any legal title changes, and the documentation correctly reflects the lender.

Therefore, there’s no need for any material changes, and the remortgage can be done almost instantly without requiring conveyancing. However, if you’re switching to a new lender, conveyancing may be necessary to ensure that the new lender has the legal title to your property.

Always Discuss Your Remortgage With A Broker

It is advisable to initially discuss your remortgage plans with a mortgage broker. They can provide you with valuable insights on the current mortgage market and offer guidance on the available options. A mortgage broker can also help you find the most suitable mortgage product for your needs and circumstances.

Moreover, a mortgage broker can handle the administrative tasks involved in a remortgage application, such as communicating with lenders, completing paperwork, and managing the entire process on your behalf. This can save you time and effort, and ensure that your remortgage application runs smoothly.

By consulting with a mortgage broker, you can benefit from their expertise and experience, and be confident that you are making an informed decision.

As expert mortgage advisors in Bexleyheath, we help hundreds of people every single year with their remortgages. Drop our team a call on 01322 553282 or contact us online and we will be happy to help.