Remortgaging Your Property
Our conveyancing solicitors are experienced in all areas of property transactions, including re-mortgages. We are on the panels of all the major lenders (bank or building society) and will guide you through the process and paperwork, while keeping you informed of progress.
For a cost estimate and an overview of the process for remortgaging your property please click on the link below:
Remortgaging is where the owner of a property changes from one lender to another. Usually, this is done to obtain a better rate mortgage, or to borrow extra money – e.g. 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; historically, these 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 interest you – i.e. fixed rate, or variable rate. Check the arrangement fee for the new mortgage and ascertain whether 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.