What to expect when you remortgage: our guide for borrowers
Hugh James’ lender services team acts as a conveyancer on behalf of your lender; our job is to transfer your existing mortgage to your new mortgage.
We work with many of the well-known highstreets lenders, providing this service to more than 35,000 individuals and families each year.
Volume remortgaging services, which is the offer you get from your lender, is a transactional process so will differ from the experience you may have had when you instruct your own residential conveyancer.
While we will update you throughout the process, please bear in mind that our client is the lender and so we will not be able to provide you with any legal or financial advice.
How does the relationship work between you, your lender and Hugh James?
Our client is your lender and they decide on the service Hugh James provides to you, the borrower.
Every remortgage case is unique and while most can be processed simply, often there are issues or complexities that will need addressing in accordance with our lenders clients’ requirements.
This will impact on the time it takes to process the remortgage as additional checks might be needed, often meaning that it will take longer than initially advised.
There may also be cases where the borrower may need to instruct their own legal advisers as the requirements fall outside of the contractual requirements of our lender clients altogether.
How long does a remortgage take?
While we will do everything we can to complete the process as quickly as possible, we usually advise borrowers to allow around 12 weeks from instruction to completion. But this does depend on your own unique circumstances, so please use this as a guideline timeline rather than a definite timeline.
What are 'date set' and 'completion'?
Towards the end of the process, a proposed date will be set for completion. You’ll be notified via text message once this has been set.
On completion day, only when the funds requested have been released by your lender and have left our accounts will the transaction be complete. While we know you’ll want to know exactly when this will happen, we will be unable to give you a specific time. You will be notified via text once this has happened.