“Get good advice, if you want a good outcome”
Our conveyancing solicitors are experienced in all areas of property transactions, including remortgages. We are on all the major lenders (bank or building society) panels and will guide you through the process and paperwork and keep you informed of progress.
Remortgaging is where the owner of a property changes from one lender to another, usually to get a better rate mortgage or to borrow extra money, for example to carry out alterations or extensions to the property. A remortgage may be with your existing lender or a different lender.
A common time to remortgage is when the fixed or discounted rate on your mortgage ends. Once such discounted periods end you move onto long-term variable rates or your lender’s standard variable rate, which historically tend to be higher than the rates available on new mortgage deals.
When considering a remortgage you should think about what type of mortgage you may be interested in, for example fixed rate or variable rate. Check the arrangement fee for the new mortgage and if there is an early redemption charge on your existing mortgage and/or on the new mortgage. An independent financial adviser will be able to give you advice on the range of mortgage products available.
How We Help with Your Remortgage
We aim to make the remortgaging process easy for you to understand, and as efficient and stress-free as possible. We will:
- Provide a written estimate of costs including search fees and Land Registry fees
- Obtain a redemption figure from your current lender and deal with any requirements they may have to redeem your current mortgage. You should bear in mind that if you are redeeming your mortgage early, an early redemption penalty may apply
- We receive the new mortgage offer from your new lender and address any requirements they may have
- The new lender will want to ensure the property they are charging has a good and marketable title, and so searches and enquiries may be required to satisfy the new lender’s instructions
- On completion of the remortgage we will remove the old charge from your title at the Land Registry and register the new one. We will also provide a copy of the new title to you for your records.
- Contracts are then exchanged
- Completion takes place on agreed date.