Hastings Newsletter – January 2018

Hello and welcome to our January newsletter!

Happy New Year from the Ladies Lunch Club! We are looking forward to another busy couple of months following the success of our two January lunches. Here’s to another successful year of ladies lunches after a great start to the year!

We hope you enjoyed the Brighton & Hove lunch on 9th January and the Eastbourne lunch on 19th January. We’re looking forward to more exciting lunches in February with our two new Sponsors… in Worthing we have Bennett Griffin sponsoring the lunches so hopefully you’ll meet the lovely ladies soon. In Hastings we have Conveyancing Direct Property Lawyers sponsoring us at the delicious Wild Mushroom. I’m sure those of you who regularly attend already know the lovely Ritza and Michelle!

If you would like to boost your business or personal profile, you can be added to our Membership Directory. Please contact yasmin@consortiumbiz.co.uk 

Please see the bottom of the newsletter, for a list of all of our remaining dates for 2018 which are now ready to book.

We have no membership fees and no long-term commitments – just good food and good company. We hope you can join us!

How to get a remortgage & How Long does it take to get a remortgage?

The start of a brand-New Year is often the time that we make plans. You could be simply looking to save money by finding a better mortgage rate or need some money to make some improvements to your home.

So, whether you are finally getting around to building an extension or saving money for a fabulous holiday remortgaging is a simple way to access the finances you might need.

Getting a remortgage typically takes between four and eight weeks. It can take longer if there are any complications or if an initial application has been rejected for some reason. If you want your new mortgage to start when your existing one expires we would suggest starting the process at least two months before.

So how do you remortgage?

While there are many factors that could influence the process, these are the simple steps to getting a remortgage.

  1. Check how much your current property is worth. You would hope that the value of your property has gone up since you first got your mortgage. A Lower Loan to Value (LTV) can give you access to lower interest rates. Your estate agent can give you a valuation, and you can check the Land Registry to see how much similar properties in your area have been selling for. There are other online platforms like Zopa that can also help with providing valuations.
  2. If you haven’t reached the end of your existing mortgage you need to check how much you owe on your mortgage by asking your lender for a redemption statement or by checking your mortgage statement or online account.
  3. Depending on your circumstances decide what type of mortgage you want for example whether you want an interest only or repayment remortgage.
  4. Use a trusted adviser to find the best remortgage deals. There are also on-line comparison sites. Although you will probably be wanting to borrow more money, you could still save money on your monthly outgoings. Before making the decision to remortgage, it’s important to have a full understanding of the fees you may be charged for leaving your current mortgage and setting up the new one, in addition to understanding what your monthly payments are likely to be.
  5. Check that you can afford the new mortgage you choose, you won’t enjoy your new conservatory if you are constantly worrying about paying the mortgage. There are online calculators that you input your outgoings, but your mortgage broker will also be able to advise you.
  6. Apply for the new mortgage. Once you’ve found a mortgage deal you’re happy with, we or your solicitor will get to work conducting all the standard checks and searches needed to remortgage the property.

These include:

  • Proof of identity – your solicitor will request a form of identification from you as a standard precaution against money laundering.
  • Checking the title deed – this is a document that proves ownership of a property, usually held by your existing mortgage lender.
  • Property searches – some mortgage lenders will ask for searches to be carried out on the property before agreeing to lend you the money. The searches will check for issues such as planning permission affecting the property, building control and environmental factors.

Some lenders will accept search indemnity insurance in place of searches. This is a policy provided by specialist insurers to protect the mortgage lenders if no searches are being carried out for the remortgage.

Usually, search indemnity insurance will only cover the lender and you will need to confirm that you have no knowledge of any changes to the property or title that might adversely affect its

When it completes, we or your chosen solicitor will arrange the transfer of the funds to pay off your old mortgage and any surplus funds will be paid into a separate bank account.

If you would like to talk to us about conveyancing for your remortgage please contact us on enquiries@cdpll.co.uk , or call us on 01424 464900.