There are many reasons why you may be looking to remortgage; perhaps you are looking for a better interest rate or lower payments, or you wish to make changes to your home and require extra funds. No matter the reason, it is important that you seek the right legal advice before proceeding so you can fully understand the steps involved, the costs and whether remortgaging is right for you at this time.
Here, our expert Residential Property department answer a selection of questions to help you with the first steps. Should you have any further questions or wish to discuss your situation, do not hesitate to contact one of our Remortgaging Solicitors.
Remortgaging refers to switching your mortgage from your current lender to a new lender. You may be looking to remortgage for a variety of reasons, including:
Whether remortgaging is the right path for you will depend on your personal circumstances and your reasons, which is why it is always recommended that you seek advice before proceeding from an experienced remortgage solicitor.
Generally, there are several benefits to remortgaging, including but not limited to:
It is important to note that remortgaging will also come with costs, such as remortgage legal fees and valuation costs, and you may be charged early redemption fees if you are exiting your current mortgage early. We would always recommend that you consider the costs, benefits and your specific circumstances before making a decision, which we can assist you with.
The process of remortgaging involves applying for a new mortgage and paying off the existing one. Typically, the following steps are involved:
Remortgaging is an important decision with financial consequences depending on your situation. It is also a legal conveyancing transaction and so it is highly likely that a Remortgage Solicitor will be required before and during the process.
In addition to the steps explained above, we will communicate with you, the new lender, and the current lender to keep you updated on the progress of the remortgage and to ensure that all deadlines are met. We can also advise you on any potential issues that could arise, and provide you with the necessary guidance to resolve them, as well as attend to any other legal formalities and paperwork required.
The length of time it takes to remortgage can vary depending on a number of factors, such as the complexity of your situation, the lender you are using, and how quickly you can provide the required documentation.
Delays can normally occur if there are any issues with the title of the property or if the lender needs further information, however we will work with you and the lenders involved to resolve these as smoothly as possible to reduce delays.
On average, it can take between six to eight weeks to complete a remortgage.
Our top tips if you are looking to remortgage would include:
Should you have any further questions relating to remortgaging your home, or you would like to discuss whether it may be the right decision for you, contact your local Remortgaging Solicitors today.