This is a fee charged by the lender to set-up your mortgage. You can pay this up-front or it can normally be added to the loan.
A mortgage broker is an intermediary who brings borrowers and lenders together. The broker will gather the paperwork from the borrower and pass that to a lender for underwriting and approval purposes.
Once all legal matters have been resolved a Completion Date will be arranged when mortgage funds will be drawn down from your new lender and your existing mortgage will be repaid.
The Solicitor instructed will require the title deeds to your property to review to enable drawdown of funds.
Early Repayment Charge (ERC)
You may be liable to pay a penalty if you complete your mortgage within the discounted period with your existing lender. It is important to advise your solicitor of the date on which the ERC ends as soon as possible.
Many lenders now offer free legal services for your remortgage in which the bank will be responsible for all legal fees.
In some cases, a friend/family member may have given you money towards the purchase of the property. If this is the case the lender will require a Gift Waiver to be signed in which the gift is postponed in favour of the lenders mortgage.
You may have availed of assistance from the Northern Ireland Co-Ownership Housing Association to purchase the property. You can use the opportunity of a remortgage to buy-out the Housing Associations equity interest in the property.
You will need to provide your solicitor with details of your home insurance. This relates to the amount to cover your buildings and contents.
Many people take out a mortgage in joint names in which both parties are jointly responsible for repayment of the mortgage.
Key Facts Illustration
Your broker will provide you with the KFI document which details all the information about your mortgage including the term, the interest rate, any fees etc.
The broker will walk you through all the available mortgage products offered by the lenders to ensure there is a product to fit your needs.
This is the formal contract between you and the lender. The lender will require you to sign the mortgage deed to secure the money they are lending you.