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4: Applying for the new mortgage
After deciding in principle, you are ready to start applying for your new mortgage, which you can do over the phone, in the banks or lenders’ branch, or online. To confirm your income, you will be asked to turn over supporting documents, plus undergo a hard credit check. Some of those supporting documents typically include paperwork for your home insurance cover and your current mortgage.
5: Finishing any legal work
To help finish your legal work, you may need to choose your own lawyer. Other times, the lender may appoint a licensed conveyancer or a solicitor. Appointed conveyancers or solicitors usually manage the legal work and transfers of money for you. They will also ensure your new mortgage amount will cover the costs to repay your current lender.
6: Reviewing the offer
To get security for your new mortgage, your new lender will organize a valuation of the property. After this stage is completed, your lender will give approval for the application, then send you the offer to review and accept (or not).
7: Closing
After the completion date, your new mortgage begins, and your previous mortgage is paid off. At this point, your new lender sends you the date and amount of your mortgage repayment.
When applying for a new mortgage, it is critical to do your research and know where your money is ultimately going to go. After deciding in principle, you will receive help during the remaining steps of applying, completing the legal work, reviewing the offer, and closing.
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