Remortgage options
Some of our remortgage products come with a choice of either our Remortgage Transfer Service (RMTS) or cashback.
These are to help your clients with the costs of moving their mortgage from another lender to us.
Remortgage transfer service
How the service works
Our service provides a simple way for your clients to remortgage to us. We appoint a conveyancer to act on our behalf, who manages the legal aspects of the mortgage transfer at no extra cost.
To use this service check that it’s available on the mortgage product required and select it on the application form.
If your client is interested in this service, you can find more information about what is included and excluded by downloading the relevant PDF below:
Remortgage Transfer Service Coventry Building Society
The details
If your client requires additional chargeable services, such as those listed under 'what's not included', they can instruct our conveyancer, or another conveyancer if they prefer. Our conveyancer will confirm any additional costs directly with your client. Please note, your client is responsible for all costs that are not listed under 'what's included'.
If you need to confirm whether something not listed is included, please contact our support team.
What's included
- Checking that the property provides good security for the new mortgage.
- Arranging redemption of the existing first mortgage secured on the property.
- Completing the necessary searches and Registration at Companies House and the Land Registry.
- Carrying out the appropriate Winding Up Search on the day of completion.
- Providing the standard form of Guarantee and Certificate of Independent Legal Advice and ensuring executed original is to hand prior to completion.
- Handling the remortgage funds received from Godiva Mortgages Limited.*
- Checking the Company’s Constitution at Company’s House.
- Land Registry fees to register the new mortgage (up to a maximum of £30, anything charged above this amount will be your clients responsibility to pay).
- Companies House fee to register the new mortgage.
- Applying for a redemption statement for the existing loan(s) secured on the property.
- Charges for sending any surplus funds by bank transfer.
- Preparing a financial statement for the completion of the new mortgage.
- Charges for using same day bank transfer to send funds from our conveyancers to existing lender.
* Please note, interest will be charged from the day the funds are released to our conveyancer, which may be before the actual completion date.
Should you cancel the application, change to a mortgage product that does not include the service or if the application is declined at any stage, we may ask that any legal costs we have incurred to be repaid.
What's not included
- Fees and costs associated with providing Independent Legal Advice (ILA) to each guarantor and completing the certificate of ILA.
- The cost of repaying any existing secured loans, including any fees payable and any charges, such as account closure or early repayment charges (ERC).
- Fees and costs associated with amending any Articles of Association in situations where there is a sole director.
- The cost of returning any documents, such as pre-registration deeds, if applicable. Any recorded delivery, special delivery and other non-standard postal costs incurred when sending correspondence in connection with the remortgage.
- Any Companies House fees not specified in the ‘What’s included’ section above.
- Additional ID/ID certification may be required for each applicant. The conveyancer will confirm if this is necessary and the fees that apply.
- If your property is leasehold, any related costs such as fees for obtaining the landlord’s consent and charges imposed by the landlord.
- If during your transaction, other legal matters arise which require resolution to enable the mortgage to proceed, the conveyancer will let you know. Providing the work required is within the remit of the conveyancer, they will confirm the fees that apply before undertaking any additional work.
- Charges for using same day bank transfer to send funds from Godiva Mortgages Limited to our conveyancers.
~ Please note that the ‘What’s not included’ list is not exhaustive.
Some of our remortgage products come with the option to choose cashback instead of our remortgage transfer service to help your client cover any fees as part of moving their mortgage to us, for example conveyancing fees.
Cashback option is not available on the Limited Company BTL range.
How do I choose the remortgage cashback option?
If the mortgage product you've selected states it includes a cashback option, you'll be able to choose this during the application.
You’ll be asked to answer the question “Do you wish to use our remortgage transfer service?”
If you answer No, you will be asked to input the details of the solicitor that your client is using - you can check that they are on our panel by visiting Lender Exchange. You’ll then be taken to a cashback screen where you will enter the details of where the cashback should be sent.
