Cheap Remortgage Quotes

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Terms and Conditions for Remortgages

• Remortgage applies to registered title only

• Local Search Indemnity is included within the quote. However, if the lender insists upon a full local authority

• search, the full local search fee must be paid. (less the £50 for local search insurance included)

• Bank Transfer Fees (T.T.) are not included as not always necessary. If the existing loan has to be repaid by

• bank transfer at the insistence of the lender a fee will be payable (Maximum £35 including VAT)

• Additional searches required by the lender such as coal, environmental, brine, water authority are not included

• and will be charged as extra by the solicitor if required at cost.

• Leasehold disbursements are not included (i.e. payments the solicitor must make to the Landlord or any

• Management Company on your behalf to register the new lender).

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Frequently Asked Questions about Remortgages

Q. How do I add another person onto the mortgage?

A. If the existing owner of a property wants to take out a new mortgage and add another person to the mortgage they must first transfer the property into joint names. This is called a Transfer of Equity. You will need to employ a solicitor to do this for you. For further information on Transfers of Equity see the Transfer of Equity section on our Home Page. Visit the CMS home page to get an instant quote for your Transfer of Equity.

Q. How do I remove someone from the mortgage/deeds?

A. If the property is jointly owned and it has been agreed that one or more of the owners wants to be removed from the mortgage/deeds they must sign a transfer of the property over to the remaining owner (s). This is called a Transfer of Equity. You will need to employ a solicitor to do this for you.  Before doing this the existing lender must give consent in writing to allow the Transfer to proceed. Visit the CMS home page to get an instant quote for your transfer of equity

Q. How long will the equity transfer take?

A. This largely depends on how efficient your new lender and your solicitor are. It can take just days or several weeks to obtain a mortgage offer. The new lender will ask for the valuation to be carried out, they will ask for written references from your existing lender and your employer and will want to see the results of these in writing before issuing a mortgage offer. This can take just a few days or, if your circumstances are complicated i.e. you are self-employed or have a bad credit history, it can take several weeks. Once your mortgage offer is issued your solicitor should be able to complete in 7-10 days. CMS panel solicitors guarantee to complete in a maximum of 10 days from issue of your mortgage offer provided there are no onerous conditions on the mortgage offer (see our Terms and Conditions for further details). Your lender may offer to throw in the cost of the legal fees but you will have to use their solicitor. This may have the effect of slowing the transaction down as many people find that they are just one of thousands of clients and have little control over the conveyancing process.

Q. How can I check if my mortgage adviser is regulated by the Financial Services Authority?

A.  You can check on their web site www.fsa.gov.uk/consumer or call CMS